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AFK Sistema’s appeal against asset seizure set for August 7

10:39 14/07/2017

MOSCOW, July 14 (RAPSI) – The Eighteenth Commercial Court of Appeals on August 7 will hear the AFK Sistema holding company’s appeal against seizure of its assets amounting to 185 billion rubles ($3.1 billion) on the request of Rosneft, RAPSI learnt in the court on Friday.

On June 23, the Commercial Court of the Republic of Bashkortostan seized 31.76% of MTS mobile operator’s shares owned by AFK Sistema and its subsidiary Sistema-Invest as well as 100% of Medsi Group’s shares and 90.47% of Bashkir Power Grid Company’s (BESK) as part of 170.6 billion rubles (about $3 billion at the current exchange rate) lawsuit filed by Rosneft, Bashneft and Republic of Bashkiria against the companies.

On July 19, Bashkiria’s Commercial Court will continue hearing the lawsuit filed by Rosneft against AFK Sistema.

Press service of Rosneft has said previously that the lawsuit is connected with alleged siphoning of assets. Actions of AFK Sistema allegedly led to decrease of assets at this sum.

Initially, Rosneft sought to collect 106.6 billion ($1.8 billion) in damages from Sistema. Later the oil giant increased its claim to 170.6 billion. The plaintiff revised the claim damage upwards taking into account currency fluctuations, according to a company’s representative.

According to AFK Sistema, the plaintiffs’ demands are illegal and groundless.

 

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AFK Sistema’s appeal against asset seizure set for August 7

10:39 14/07/2017 The Eighteenth Commercial Court of Appeals on August 7 will hear the AFK Sistema holding company’s appeal against seizure of its assets amounting to 185 billion rubles ($3.1 billion) on the request of Rosneft oil giant.
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