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Court-Ordered Bankruptcy Supervisor To Oversee Yukos' Finances

Yuoks' Russian headquarters (file photo) (CTK) March 28, 2006 -- The former Russian oil giant Yukos is one step closer to closing down after a Moscow arbitration court ordered a bankruptcy supervisor to oversee the company's finances.

The court set a date in June to make a formal bankruptcy declaration.

The court agreed to consider the Yukos case after the company failed to pay debts owed to a consortium of Western banks.

Yukos was built up by billionaire Mikhail Khodorkovsky to become Russia's biggest oil producer before his arrest and conviction on fraud and tax evasion. The company was then dismantled.

(compiled from agency reports)

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