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Russia’s embattled Sistema rejects charges of Bashneft shares theft

The Sistema management issued a statement on Wednesday saying that the privatization of the BashTEK group of oil companies in Bashkortostan was lawful and transparent

Sistema Chairman and majority owner Vladimir Yevtushenkov ITAR-TASS/Valery Sharifulin

Sistema Chairman and majority owner Vladimir Yevtushenkov

© ITAR-TASS/Valery Sharifulin

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Court rules to keep Bashneft shares in custody in embezzlement probe

MOSCOW, September 17. /ITAR-TASS/. The Russian diversified holding company Sistema (System) on Wednesday rejected the charges of the theft of shares in oil companies in Bashkortostan in the south Urals.

Sistema Chairman and majority owner Vladimir Yevtushenkov ranked by Forbes as Russia’s 15th richest man with an estimated fortune of $9 billion was placed on Tuesday under house arrest on suspicion of involvement in a money-laundering scheme with the assets of oil companies in Bashkortostan, which are now part of Bashneft oil producer, controlled by the tycoon.

The Sistema management issued a statement on Wednesday saying that the privatization of the BashTEK group of oil companies in Bashkortostan was lawful and transparent.

Sistema is cooperating with the investigative authorities and intends to use all legal means to defend its position, the company’s statement said.

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