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AFK Sistema says will not appeal court ruling on return on Bashneft shares to government

November 12, 2014, 21:15 UTC+3
AFK Sistema has begun preparations for filing lawsuits to reclaim the damages from agents and their successors whom AFK Sistema and the CJSC Sistema-Invest purchased Bashneft shares from
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Bashneft office building in Moscow

Bashneft office building in Moscow

© ITAR-TASS/Sergey Bobylev

MOSCOW, November 12. /TASS/. Russia's investment company AFK Sistema has decided to refrain from filing an appeal over a court ruling on the assets of the oil company Bashneft, a report issued by AFK Sistema said.

"AFK Sistema informs hereby that, pending thorough scrutiny of the court ruling, it has taken a decision to stay away from filing an appeal over the November 7, 2014, resolution of the Moscow City Court of Arbitration on a civil lawsuit filed by AFK Sistema and the CJSC Sistema regarding the return of their stakes in the joint-stock oil company Bashneft to the ownership of government of the Russian Federation," the report said.

“Acting in the interests of the company and as a diligent purchaser, AFK Sistema will begin immediate preparations for filing lawsuits to reclaim the damages from agents and/or their successors (Uralinvest Ltd. - TASS), whom AFK Sistema and the CJSC Sistema-Invest purchased Bashneft shares from,” it said.

AFK Sistema purchased the shares of the oil company Bashneft from Uralinvest Group, which the law enforcement agencies believe to have links to businessman Ural Rakhimov, the son of the former president of Russia’s constituent region of Bashkortostan.

On October 30, Moscow City Arbitration Court entertained a lawsuit by the Office of the Prosecutor General on recognizing illegitimacy of Bashneft privatization and the return of the oil company’s 71% stake to government ownership.

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