Date: 6 months ago   Category: Companies

The court has rejected the complaint of AFK "Sistema" to arrest of assets


The eighteenth arbitration Court of Appeal (Chelyabinsk) has upheld the decision of Arbitration court of Bashkiria which has seized property of AFK "Sistema" in the claim of Rosneft earlier. TASS reports about it. Thus, the appeal of AFK was left without satisfaction. The representative of the company has said that this decision will be challenged. During the meeting of AFK "Sistema" petitioned for familiarizing with business of financial documents according to which the volume of assets of the company is 450 billion rubles. "Requirements are submitted for 170 billion rubles. Assets are enough therefore the court had to refuse the petition" — the representative of corporation has said. He has also noted that in the claim there is no non-execution threat, and arguments about a possible conclusion of assets have "presumable character". According to the representative of AFK, for sale of assets the corporation has to get approval at shareholders and regulators. The representative of Rosneft in court has noted that the interim measures taken by court in the form of arrest of actions are proved and "are proportional to the stated claim requirements and are aimed at providing execution of the judgment in case of meeting requirements, declared claimants". According to him, violation of the rights of shareholders of AFK in connection with falling of her capitalization to which defendants refer "is not a consequence of acceptance by court of lawful and reasonable interim measures, but a consequence of unfair actions of defendants in corporate manipulations with assets of Bashneft during illicit possession with her actions". Materials on teme00:01 — on November 16, 2016 Bad компанияОт Rakhimova to Ulyukaev: to whom Bashneft In Rosneft also has caused troubles consider that the actual cost of assets of "System" in the territory of Russia, considering the encumbrances which are available for group and the obligation to the third parties, is significantly lower than the sum of claim requirements. It confirms difficulty of execution of the court ruling, have noted in the Tax Code. The arbitration court of Bashkiria according to the petition of Rosneft has made on June 23 the decision on arrest 31,76 percent of shares of MTS, 100 percent of shares of "Medsi" and 90,47 percent of shares of BESK belonging to AFK. The book value of these assets is 185 billion rubles. On July 6, having considered the appeal of AFK, the court has upheld earlier made decision. In May, 2017 Rosneft and Bashneft have submitted the statement of claim to AFK "Sistema" and CJSC Sistema-Invest about collecting 106,6 billion rubles of the losses suffered, according to them, in connection with reorganization of the Bashneft company. Later they have increased the size of requirements to 170,6 billion rubles. At the end of the same month Bashkiria has joined the requirement as the co-plaintiff. Trial on the merits has begun on June 27. However the final decision hasn't been made, the court announced a break in a meeting till July 12. In October, 2016 Rosneft has redeemed 50,08 percent of shares of Bashneft within privatization. Till December the 2014th 71,6 percent of shares of Bashneft belonged to AFK "Sistema". At the end of the same year securities have been returned by the judgment in with

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