UPDATE: RDIF to give 40 bln rbl 6-mo asset-backed loan to Sistema

(Adds details in headline, lede, paragraph 3)

MOSCOW, Dec 27 (PRIME) -- The Russian Direct Investment Fund (RDIF) will give a 40 billion ruble 6-month loan to Sistema, secured against stakes in Detsky Mir and Bashkir Power Grid Company, CEO Kirill Dmitriev told channel Rossiya 24 in an interview broadcast Wednesday.

“We will also provide a 40 billion ruble short-term loan to Sistema, secured against several assets, which will allow it to settle the case with Rosneft. We are glad that this deal has been concluded so successfully and that an amicable agreement has been signed,” Dmitriev said.

“Under a pledge of Detsky Mir and Bashkir Power Grid Company for six months, so this is a loan until June,” Dmitriev said.

On Tuesday, the Arbitration Court of the republic of Bashkortostan confirmed a peaceful settlement of a 170.6 billion ruble case by Rosneft against Sistema. Under the agreement, Sistema and its affiliate Sistema-invest will pay 100 billion rubles to Rosneft’s affiliate Bashneft in several installments 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.

(57.7343 rubles – U.S. $1)

End