Crt of appeals sides with Bashneft in 136 bln rbl case vs Sistema

CHELYABINSK, Dec 18 (PRIME) -- The Eighteenth Arbitration Court of Appeals located in the Russian city of Chelyabinsk upheld on Monday a lower court ruling ordering multi-industry holding Sistema to repay 136.3 billion rubles to oil company Bashneft.

The court of appeals turned down appeals by Sistema, its affiliate Sistema-Invest, Bashneft’s parent holding Rosneft and the Land and Property Ministry of the republic of Bashkortostan.

Sistema will contest the decision, representative Sergei Kopytov told PRIME.

In August, Bashkortostan’s Arbitration Court partially satisfied a 170.6 billion ruble suit filed by Rosneft, Bashneft and Bashkortostan, where Bashneft is located, to charge Sistema and its affiliate Sistema-Invest for the losses allegedly caused to Bashneft in 2014 during its reorganization. In 2014, Sistema was the core owner of Bashneft. Sistema was ordered to repay 136.3 billion rubles, but the court decision has not come into force yet, as both sides are contesting the decision.

(58.8987 rubles – U.S. $1)

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