Russia fails to sell seized stake in gold miner UGC
Russia failed to auction a seized 67.2% stake in gold miner UGC after no bids were submitted. The assets were valued at over 140 billion roubles.
Russia failed to auction a 67.2% stake in gold miner Uzhuralzoloto valued at 140.43 billion roubles after receiving zero bids. The state seized the assets from businessman Konstantin Strukov following corruption allegations. The failed sale underscores weak investor appetite for nationalized assets.
### Auction Failure Stalls Asset Monetization Rosimushchestvo, the federal property agency, offered the stake in Uzhuralzoloto as part of a broader 162.02 billion rouble asset package. A state auction website showed on Monday that the procedure was invalid because no applications were submitted by the deadline. It is not clear if the agency plans a second auction.
