Onexim managed the Norilsk Nickel auction, with a reservation price of US$170 million. It arranged three bids from affiliates, all at US$170 or US$170.1 million. Rossiiski Kredit Bank offered US$355 million, more than twice the starting amount. However, Onexim disqualified Rossiiski Kredit's bid on the basis that the bid amount exceeded Rossiiski Kredit's charter capital (the nominal value of its outstanding shares). The auction rules required Onexim to provide any objections in advance of the auction, to give bidders time to cure them. None of the submitted bids even closely approximated the market value of Norilsk Nickel, which had annual profits of around US$400 million.