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22 October, Monday

Ufa   °

Bashkiria Arbitration Court approved amicable agreement between Rosneft and Sistema


UFA, 27 December 2017. /Bashinform News Agency, Ksenia Kalinina/.

On December 26, the Arbitration Court of Bashkortostan approved an amicable agreement between Rosneft, Bashneft, Bashkortostan and Sistema JSFC in a dispute over the Bashneft reorganization. According to RBC, Rosneft dropped new lawsuits against Sistema over Bashneft, which it had owned until the end of 2014.

Sistema JSFC and its subsidiary Sistema-Invest will reimburse Bashneft 100 billion rubles of losses — 80 and 20 billion rubles, respectively.

As reported by the Bashinform News Agency, according to the terms of the amicable agreement signed on December 22, the final settlements must be completed no later than March 30, 2018. The parties, after full repayment of the specified amount, undertake to abandon mutual claims.

The document assumes a gradual release from the arrest of Sistema's assets, which was imposed at the request of Rosneft. In particular, 31.76% stake in MTS, 100% stake in the "Medsi" chain of clinics and 90.47% in the Bashkir Electric Grid Company (BESK) were under arrest. The amicable agreement conclusion was assisted by Sberbank and Russian Direct Investment Fund, which will provide Sistema with 40 billion rubles secured by the released assets, the document says.

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