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AFK Sistema settles all Russian demands in respect of Bashneft shares

December 30, 2014, 2:08 UTC+3 MOSCOW
Sistema transferred 4,107,996 ordinary and 87,831 privileged shares it has in Bashneft (2.3% of the authorized capital) into state ownership
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© TASS / Artem Korotaev

MOSCOW, December 29. /TASS/. Services conglomerate AFK Sistema has settled all demands by the Russian Federation in respect of oil firm Bashneft , transferring the remaining 2.3% in it to the state, Sistema said in a statement.

With account for the Moscow Arbitration Court’s ruling of November 7, 2014 and on the basis of a request by the Federal Agency for State Property Management (Rosimushchestvo), Sistema transferred 4,107,996 ordinary and 87,831 privileged shares it has in Bashneft (2.3% of the authorized capital) into state ownership.

Earlier, it was reported that the Moscow Arbitration Court in October granted the lawsuit by the Prosecutor General’s Office to return Bashneft stock to the state. The court ruled that a series of privatization deals after which Bashkortostan’s fuel and energy companies passed into ownership of Ural Rakhimov, a son of Bashkortostan’s former head, Murtaza Rakhimov, were conducted with violations of Russia’s legislation.

According to the supervising agency, the contested shares were originally owned by the Russian Federation, and the republic of Bashkortostan made the decision to privatize them without authorization of federal power bodies.

The defendants in the case were Russian billionaire Vladimir Yevtushenkov’s Sistema and its investment unit Sistema-Invest, which were the key shareholders of Bashneft with the stake of 73.9% of securities (84.3% of ordinary shares).

On December 9, these companies passed 71.6% of stock to Rosimushchestvo. The Federal Agency for State Property Management suggested making Bashneft a strategic enterprise.

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