Sistema challenges dividend freeze on seized shares

MOSCOW, Jul 28 (PRIME) -- The Moscow Arbitration Court has registered a suit of multi-industry holding Sistema and its affiliate Sistema-Invest against a decision of bailiffs to freeze dividend payments on shares seized under a 170.6 billion ruble suit of oil major Rosneft, as seen by PRIME on Friday in the register of arbitration proceedings.

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.

On July 4, Sistema said it asked the Prosecutor General’s Office to check legitimacy of actions of bailiff Olga Stal who, as the company sees it, exceeded her authority and blocked a right to receive income on the seized shares as the court had not included the measure in its decision.

(59.4102 rubles – U.S. $1)

End