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AFK Sistema loses appeal against order to pay Rosneft $2.3 billion

13:59 18/12/2017

MOSCOW, December 18 (RAPSI) – The Eighteenth Commercial Court of Appeals has dismissed an appeal lodged by AFK Sistema against recovery of 136.3 billion rubles (about $2.3 billion) from the company and its subsidiary Sistema-Invest in favor of Rosneft, according to court records.

The corporation has appealed a ruling issued by the Commercial Court of the Republic of Bashkortostan in late August. The court granted a lawsuit filed by Rosneft demanding 170.6 billion rubles (about $2.8 billion) in part. Sistema regarded the ruling as unlawful and unreasonable.

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

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.

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 loses appeal against order to pay Rosneft $2.3 billion

13:59 18/12/2017 The Eighteenth Commercial Court of Appeals has dismissed an appeal lodged by AFK Sistema against recovery of 136.3 billion rubles (about $2.3 billion) from the company and its subsidiary Sistema-Invest in favor of Rosneft.
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