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Appeals court refuses to lift seizure of AFK Sistema’s assets

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16:59 07/08/2017

MOSCOW, August 7 (RAPSI) - The Eighteenth Commercial Court of Appeals on Monday refused to overturn the seizure of 185 billion rubles ($3.1 billion) in assets belonging to AFK Sistema holding company, RAPSI learnt in the court.

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.

AFK Sistema has filed an appeal against the ruling.

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.

The Commercial Court of Bashkiria will continue hearing the oil company’s lawsuit against AFK Sistema on August 8.

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Appeals court refuses to lift seizure of AFK Sistema’s assets

16:59 07/08/2017 The Eighteenth Commercial Court of Appeals on Monday refused to overturn the seizure of 185 billion rubles ($3.1 billion) in assets belonging to AFK Sistema holding company.
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