Lukoil says sold diamond company in compliance with legislation

MOSCOW, May 27 (PRIME) – Russian oil company Lukoil has sold its diamond mining company AGD Diamonds in compliance with legislation despite the Federal Antimonopoly Service’s statements to the contrary, the company said in a statement on Wednesday.

"The transaction to sell the shares of AO Arkhangelskgeoldobycha was concluded after a five-month due diligence and verification of information provided by the seller and the buyer, without any objections from regulatory authorities, in strict compliance with the Russian legislation," Lukoil said.

Lukoil sold Arkhangelskgeoldobycha to an affiliate of holding Otkritie for U.S. $1.45 billion in 2017. The company was earlier renamed into AGD Diamonds.

The Federal Antimonopoly Service said on Monday that it had filed a suit to the Arbitration Court of the Arkhangelsk Region, asking to void the deal, because Otkritie hid its foreign beneficiaries, which resulted in foreign control over the strategically important company.  

End %%mk/jst%%