The auction for the sale of a 67.2% stake in the gold mining company PJSC Uzhuralzoloto Group of Companies (UGC) and other assets included in UGC Group, which were previously turned over to the ownership of the Russian state by a court decision, has been declared invalid due to the absence of bids, according to a statement published in the GIS Torgi system.
The shares of UGC fell 10% to 0.6506 rubles per share during trading on the Moscow Exchange on Monday following the news that the auction for the sale of the state’s stake in the company had been declared invalid.
The collection of bids from potential applicants took place from May 8 to May 15; the auction itself was scheduled to take place on May 18.
In July last year, a court in Chelyabinsk satisfied the Prosecutor General’s Office’s claim to confiscate the stake held by Konstantin Strukov in UGC and UGC Management Company, as well as stakes in a number of companies held by several individuals associated with him, in favor of the state due to the corrupt origins of the business. The total market value of all assets has been estimated at 162.02 billion rubles, including a 67.2% stake in PJSC UGC, valued at 140.437 billion rubles. The valuation report says the figure is based on a weighted average share price of 72.45 kopecks plus a premium of 29.38% for a controlling stake.
The auction step was 2% of the initial sale price. Participants were required to submit a bid on the Roseltorg platform and pay a deposit of 20% of the initial auction price (32.404 billion rubles).
For the auction to be recognized as having taken place, the participation of one buyer who submitted a bid, the package of documents provided for by the auction documentation, and a paid deposit was sufficient. According to the statement in the GIS Torgi system, no bids were received, and none were rejected.
Finance Minister Anton Siluanov previously said that the sale of UGC would be carried out in accordance with the rules by which assets have been sold recently. “An auction where bids are raised, then if there are no such offers, an auction for those who offer the best price under current legislation,” he said.
Current auction rules state that if an asset is not sold at the first attempt a Dutch auction will take place where the floor price is lowered by up to 50%.
© 2026 Interfax
Every single thing in this article reaks of corruption and manipulation. Its clear the head orc is attemping to generate cash flow from a gold mining company, that was given to them by the “court”. Like the new owners would have ANY say in direction or see profit after paying their membership dues, and when he falls out a window, the court gives it back to the head orc to “sell” again. Not hard to figure out.
Spot on. You have learned a lot about mafia land, Mike.