MOSCOW, December 12 (RAPSI, Diana Gutsul) - Vladimir Yevtushenkov, the board chairman and largest beneficiary of AFK Sistema, has withdrawn his appeal against the ruling of Moscow's Basmanny District Court which extended his house arrest in Bashneft case, RAPSI reports from The Moscow City Court on Friday.

The court excluded the appeal from consideration.  The Basmanny District Court earlier extended Yevtushenkov’s house arrest until March 16.

Yevtushenkov 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.