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AFK Sistema chair to stay under house arrest until March

13:34 14/11/2014

MOSCOW, November 14 (RAPSI) – Basmanny District Court of Moscow has extended the house arrest of AFK Sistema chair, billionaire Vladimir Yevtushenkov until March 16, 2015, RAPSI reports from the court on Friday.

The court declared that there was no reason to relase Yevtushenkov, or to allow him to visit work.

Yevtushenkov, the board chairman and largest beneficiary of AFK Sistema, stands charged with money laundering in oil producer Bashneft’s stock purchase. The investigation believes that the stock was purchased in 2009 at a purposefully lowered price, resulting in a $500 million “sale”.

AFK Sistema said the charges were unfounded and that it would use all available legal options to settle the conflict.

AFK Sistema directly owned 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.

In October, The Moscow Commercial Court ordered AFK Sistema, its subsidiary Sistema-Invest to forfeit Bashneft stock.

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AFK Sistema chair to stay under house arrest until March

13:34 14/11/2014 Basmanny District Court of Moscow has extended the house arrest of AFK Sistema chair, billionaire Vladimir Yevtushenkov until March 16, 2015, RAPSI reports from the court on Friday.
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