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. Last Updated: 07/27/2016

Court Confirms Yukos' Bankruptcy

Yukos' bankruptcy was confirmed Monday by a Moscow court that rejected an appeal of the Aug. 1 decision to declare the company insolvent, Interfax reported.

Meanwhile, prosecutors have opened a criminal case against executives at Yukos' largest remaining oil-producing unit.

The Ninth Arbitration Court of Appeal rejected the appeal against bankruptcy filed by Yukos, Interfax reported, citing an unidentified person at the hearing.

Managers at Tomskneft VNK are under investigation for suspected embezzlement of 6.6 billion rubles ($242 million) and theft of 1 million tons of oil.

The managers allegedly bought promissory notes for inflated prices and sold oil at deflated prices from January to July this year, according to a statement on the web site of the Prosecutor General's Office on Monday.