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Sistema Holding disagrees with action filed by Rosneft, Bashneft

May 05, 2017, 21:41 UTC+3
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MOSCOW, May 5. /TASS/. Russia’s Sistema Holding disagrees with the action filed against it by Russian oil and gas producers Rosneft and Bashneft in the amount of 106.6 bln rubles ($1.8 bln), the press service of the holding said on Friday.

"Sistema disagrees with the lawsuit and views demands of claimants as unlawful and unjustified. All the corporation actions mentioned in the claim were made in accordance with the law and best corporate governance practices for the purpose of business development and growth of the value of Bashneft," the company said.

The action filed is related to activities of the ex-owner of Bashneft that led to asset impairment, press secretary of Rosneft Mikhail Leontyev told TASS earlier on Tuesday.

Bashneft was part of Sistema Holding from 2005 to 2014 and was later returned to the government property. Rosneft acquired 50.1% in Bashneft in 2016. Later, following an offer made to minority shareholders, Rosneft started controlling 57.7% in the authorized capital of Bashneft.

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