Rosneft, Bashneft file 107 bln rbl suit against Sistema

MOSCOW, May 3 (PRIME) -- Russian oil major Rosneft and its unit Bashneft have filed a suit seeking to recover over 106.6 billion rubles from multi-industry holding Sistema and its unit Sistema-Invest, according to documents of the Moscow Arbitration Court seen by PRIME late Tuesday.

The suit is connected with possible asset stripping, Rosneft’s press secretary Mikhail Leontyev told PRIME.

“(The suit) is connected with operations of Sistema… We believe that Sistema’s actions… led to the reduction of assets by this sum,” he said without providing any further details.

Sistema held a controlling stake in Bashneft until it was nationalized by the Russian government in late 2014 after a court had ruled that the oil company’s privatization by regional authorities was illegal.

Rosneft bought 50.0755% in Bashneft for 329.7 billion rubles in October 2016. The government of the republic of Bashkortostan holds 25% plus one share in the company.

(56.9518 rubles – U.S. $1)

End