Sistema’s shares rise over 20% on peaceful settlement with Rosneft
MOSCOW, Dec 25 (PRIME) -- Russian multi-industry holding Sistema’s shares grew more than 20% at the opening on the Moscow Exchange on Monday after the company reached a peaceful settlement of disputes with oil companies Rosneft and Bashneft, and the republic of Bashkortostan.
The companies announced signing the amicable agreement late on December 22.
Sistema said in a statement on Monday: “The peaceful settlement envisages payment of 100 billion rubles by Sistema and Sistema-Invest in favor of Bashneft, discontinuation of all executive proceedings and lifting of restrictive measures under the claims due to the dispute… and other court disputes arising from ownership by Sistema and/or Sistema-Invest of Bashneft and/or its affiliates, and on lifting of arrest and restrictions on the assets of Sistema and Sistema-Invest arising from the disputes.”
Sistema will pay the sum no later than March 30, 2018 with support by the Russian Direct Investment Fund (RDIF) and Sberbank, Rosneft said on December 22.
In August, Bashkortostan’s Arbitration Court partially satisfied a 170.6 billion ruble suit filed by Rosneft, Bashneft and Bashkortostan, where Bashneft is located, to charge Sistema and its affiliate Sistema-Invest for the losses allegedly caused to Bashneft in 2014 during its reorganization. In 2014, Sistema was the core owner of Bashneft. Sistema was ordered to repay 136.3 billion rubles, both sides contested the decision.
Earlier in December, Rosneft and Bashneft filed a suit against Sistema and Sistema-Invest seeking redemption of 131.6 billion rubles. The claimants said they want Sistema to repay dividends that it received from Bashneft in 2009–2014 when it was a controlling shareholder of the company. Sistema filed a 330.4 billion ruble suit against Bashneft and Rosneft to the Moscow Arbitration Court.
(58.3152 rubles – U.S. $1)
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