MOSCOW, August 24 (RAPSI) – The AFK Sistema holding company will appeal August 23 decision of the Commercial Court of the Republic of Bashkortostan recovering 136.3 billion rubles (about $2.3 billion) in favor of Russia’s largest oil corporation Rosneft, the company’s statement reads on Thursday.
Sistema considers the ruling unlawful and unreasonable saying it plans to challenge it in the Eighteenth Commercial Court of Appeals.
Rosneft’s press service has said earlier that the lawsuit relates to alleged siphoning of assets implying that actions of AFK Sistema led to a decrease in the worth of the assets by the amount claimed.
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 (about $2.8 billion). The plaintiff revised the claim damage upwards taking into account currency fluctuations, according to a company’s representative.
AFK Sistema in turn insists that the plaintiffs’ demands are illegal and unsubstantiated.