The unidentified party that on 14 Octobergave a non-binding letter of intent to takeover Urals has now backed out of thedeal.
Urals had said the potential buyer was “ahighly credible purchaser with previous Russian operational oil experience”.
News of thedropped bid sent shares down in London on Thursday afternoon.
However, Urals’ Moscow offices were raided bypolice this month, with corporate files confiscated.
Alongside this, the company recently received a copy of a purporteddebt repayment agreement entered into in 2010 with UEN Cyprus, owned byVyatcheslav Rovneiko, in which the latter claimed it is owed $41.6
