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. Last Updated: 07/27/2016

Svyazinvest Sale Clean

MOSCOW () -- An official probe dismissed Tuesday fraud allegations surrounding the controversial Svyazinvest privatization, saying the 25 percent sell-off of the telecoms giant was carried out legally, Interfax reported.

Investigators rejected complaints by financiers who lost out in the bid to grab a lucrative stake in the firm, a holding company that controls the 86 regional telephone companies.

The joint commission comprised officials from the State Anti-Monopoly Committee, the Justice Ministry and the Federal Commission for Monetary and Export Control.

Russia's third largest bank, Uneximbank, led a consortium that won the July auction with a $1.9 billion bid, prompting accusations of favoritism from the losers and political rivals.