Sistema asks court of appeals to cancel arrest of assets

CHELYABINSK, Aug 7 (PRIME) -- Russian multi-industry holding Sistema has asked the court of appeals to cancel arrest of its assets under a 170.6 billion ruble lawsuit by oil major Rosneft, a representative said at a court hearing on Monday.

“The defendants have property exceeding the claim by several tens of times,” the official said. He also said that the measures violate the norms of arbitration.

Rosneft filed its suit in May, seeking to recover a loss stemming from an alleged asset stripping at Bashneft in 2009–2014 by Sistema.

In June, the Arbitration Court of the republic of Bashkortostan ordered to seize 185 billion rubles worth of assets of Sistema, including a 31.76% stake in mobile operator MTS, 100% in healthcare company Medsi, and 90.5% in Bashkir Power Grid Company, under the Rosneft case.

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