Russia’s Sistema still sees Rosneft’s 171 bln rbl suit groundless

MOSCOW, Jun 7 (PRIME) -- Russian multi-industry holding Sistema still thinks that a 170.6 billion ruble suit from oil major Rosneft against the company is groundless as well as new proof that were submitted to the Arbitration Court of the republic of Bashkortostan on Tuesday, Sistema’s official representative Sergei Kopytov told PRIME late on Tuesday.

Rosneft filed the suit in May seeking to recover an alleged 106.6 billion ruble loss incurred by Sistema and its unit Sistema-Invest, which Rosneft believes were involved in asset stripping of Bashneft in 2009–2014, when they owned a controlling stake in the company. On Tuesday, the court approved the company’s request to raise the claims to 170.6 billion rubles due to currency exchange rate differences.

Rosneft also submitted correspondence of former Bashneft’s top managers to court and thinks that that Sistema has deliberately violated legislation and inflicted damage on Bashneft. The oil major also said that the board of directors and owners were unaware of conditions of the company’s reorganization, as a spin-off balance sheet was approved after the board and owners had discussed the changes.

“All documents on Bashneft reorganization, including the spin-off balance sheet, were prepared in accordance with legislation and corporate procedures…Some articles of the spin-off balance sheet were to be adjusted taking into account the market price of Bashneft shares as of the date of the end of the reorganization,” Kopytov said, adding that the adjustments bore no negative impact to all participants of the reorganization.

“Sistema is still sure of complete invalidity of the suit in general and of alleged new proofs submitted by the claimants during the hearing.”

Rosneft CEO Igor Sechin in an interview with the Financial Times denied any personal reasons behind the suit and any ill will against Sistema’s core owner Vladimir Yevtushenkov.

An unnamed investor told the FT that the case is “obviously a personal thing,” as it is a “bit strange that he is getting punished twice.” But Sechin said, “We don’t have a conflict with Mr Yevtushenkov. Nothing personal.”

“You can say, someone is really talented, they really know how to make money that fast. But, you see, it seems to me that the Wild West times are over. There used to be times like that, everywhere,” Sechin said.

“I cannot fail to defend my shareholders and I (have done) it in a correct manner. I went to the court.”

(56.6747 rubles – U.S. $1)

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