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Former Bashneft CEO Ural Rakhimov faces seizure of assets

10:56 27/10/2014

MOSCOW, October 27 (RAPSI) – Ural Rakhimov, former CEO of Russian oil company Bashneft, which came under scrutiny in connection with the AFK Sistema case, faces seizure of assets, reads the ruling of the Moscow City Court issued on Monday.

Injunction can be granted in respect of assets owned by Rakhimov in case civil claims are filed against him, according to the ruling. “Other individuals’ assets” may be seized as well, the document reads.

Bashneft was privatized in 2009. It was controlled by the government of Russia’s Bashkortostan region until 2003, when a major stake was sold to companies affiliated with Ural Rakhimov, son of the former head of Bashkortostan Murtaza Rakhimov.

In 2009, Russian oil-to-telecoms conglomerate AFK Sistema gained control of the company.

Investigators opened a criminal case last April linked to deals with Bashneft shares in 2002 to 2009.

Rakhimov and billionaire Vladimir Yevtushenkov were implicated in the sale of Bashneft stock in 2009. Rakhimov was charged in absentia with embezzlement and money laundering. He has been put on the international wanted list.

Yevtushenkov, the board chairman and largest beneficiary of AFK Sistema, stands charged with money laundering.

In late September, the Moscow Commercial Court seized Sistema-held Bashneft stock after a motion from the Prosecutor General’s Office that required all Bashneft shares to be returned to the rightful owner because they were sold to Sistema in 2009 at a huge “discount” of $500 million.

Sistema directly owns almost 72% of voting shares of Bashneft, which produces about 350,000 barrels of oil a day, and an overall stake of 86.7%, including 12.6% via Sistema-Invest.

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Former Bashneft CEO Ural Rakhimov faces seizure of assets

10:56 27/10/2014 Ural Rakhimov, former CEO of Russian oil company Bashneft, which came under scrutiny in connection with the AFK Sistema case, faces seizure of assets, reads the ruling of the Moscow City Court issued on Monday.
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