UPDATE: Arbitration court confirms Sistema, Rosneft’s amicable deal

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UFA/MOSCOW, Dec 26 (PRIME) -- The Arbitration court of the republic of Bashkortostan confirmed a peaceful settlement of a 170.6 billion ruble case by oil major Rosneft against multi-industry holding Sistema on Tuesday.

Under the agreement, Sistema will pay 100 billion rubles to Rosneft’s affiliate Bashneft no later than March 30, 2018.

In August, the court partially satisfied the 170.6 billion ruble suit filed by Rosneft, Bashneft and the republic of 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.

Business daily Vedomosti reported that minority shareholders of Sistema filed 288,561 rubles worth of lawsuits against Rosneft over a loss of the holding’s market value despite an amicable agreement between the sides.

Four of the eight claimants confirmed to Vedomosti that they will continue to assert their rights in court.

A representative of Sistema said the holding had no relation to the lawsuits.

(58.1989 rubles – U.S. $1)

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