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Shares of AFK Sistema rocket on owner's release

December 18, 2014, 10:43 UTC+3
AFK Sistema coowner Vladimir Yevtushenkov was released from house arrest and is coming back to work in the company
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Vladimir Yevtushenkov

Vladimir Yevtushenkov

© ITAR-TASS/Alexey Filippov

MOSCOW, December 18. /TASS/. Shares of Russian financial industrial group AFK Sistema rose by 36.16% to 9 rubles per share.

It was earlier reported that AFK Sistema coowner Vladimir Yevtushenkov was released from house arrest and is coming back to work in the company.

Sistema owner Vladimir Yevtushenkov was placed under house arrest in early September on charges of legalizing ill-gotten funds received from privatization of the Bashneft oil company.

Bashneft, a mid-sized oil company based in the Russian Republic of Bashkortostan integrating the republic’s energy companies was privatized with serious violations of law.

State packages of the shares of energy companies in Bashkortostan were privatized in the early 1990s through their transfer to the charter capital of Bashneftekhim and the Bashkortostan Fuel Company. In 2003, the joint stock companies sold the shares at market prices to commercial organizations. The shares were subsequently donated to the charitable foundation Ural and transferred to the holding company Sistema through Ural-Invest under a purchase/sale agreement.

The company's shares have now been returned to the state.

The charitable foundation Ural is run by ex-Bashkortostan head Murtaza Rakhimov whose son Ural Rakhimov is a suspect in the Bashneft theft criminal probe.

The investigation into this criminal case has been prolonged to April 28, 2015.

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