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AFK Sistema to pay Rosneft $2.3 billion

16:46 18/12/2017

MOSCOW, December 18 (RAPSI) – AFK Sistema will comply with a court’s ruling ordering the company and its subsidiary Sistema-Invest to pay 136.3 billion rubles (about $2.3 billion) to Rosneft oil corporation, the company’s statement reads on Monday.

At the same time, Sistema will appeal the ruling with the Ural District Commercial Court.

On Monday, the Eighteen Commercial Court of Appeals dismissed an appeal lodged by the company against recovery of funds in favor of Rosneft.

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 the lawsuit filed by Rosneft, Bashneft and Republic of Bashkiria.

Initially, Rosneft sought to collect 106.6 billion ($1.8 billion) in damages from AFK Sistema and its subsidiaries. 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 to pay Rosneft $2.3 billion

16:46 18/12/2017 AFK Sistema will comply with a court’s ruling ordering the company and its subsidiary Sistema-Invest to pay 136.3 billion rubles (about $2.3 billion) to Rosneft oil corporation.
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