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Russia's Sistema extends further losses on Moscow Exchange due to new restrictions

September 29, 2014, 14:11 UTC+3 MOSCOW
Sistema’s stock extended further losses after the news that Sistema and its subsidiary Sistema-Invest would be restricted in their rights to get dividends from oil firm Bashneft
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© ITAR-TASS/Stanislav Krasilnikov

MOSCOW, September 29. /ITAR-TASS/. Shares of the holding company Sistema controlled by Russian billionaire Vladimir Yevtushenkov who is currently under house arrest on suspicion of money laundering plunged further on the Moscow Stock Exchange on Monday.

The Sistema stock fell by 20.3% to 13.550 rubles ($0.34) per share compared with a 0.09% fall in the MICEX stock index and a 1.14% decline in the RTS stock index.

Sistema’s stock was falling by 7-10% in early Monday trading on the Moscow Stock Exchange on Monday and then accelerated its plunge in the afternoon to 15.6% to 14.350 rubles ($0.36) per share.

Sistema’s stock extended further losses after the news that Sistema and its subsidiary Sistema-Invest would be restricted in their rights to get dividends from oil firm Bashneft as part of judicial proceedings.

Yevtushenkov ranked by Forbes among Russia’s 20 richest people with an estimated fortune of $9 billion was placed under house arrest in mid-September on suspicion of involvement in a case of illegal privatization of oil companies in the Urals Republic of Bashkortostan.

Yevtushenkov is charged with organizing the legalization of ill-gotten funds received from the theft of shares during the privatization of the mid-sized oil firm Bashneft located in the Urals Republic of Bashkortostan.

Sistema acquired a blocking stake in Bashneft in 2005 and gained control of the company in 2009.

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