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16 July, Monday

Ufa   °

Court's decision on Bashneft’s return to the state ownership entered into force


UFA, 8 December 2014. /Bashinform News Agency/.

The decision of the Moscow Arbitration Court on the withdrawal of Bashneft shares from Sistema JSFC  and return it to the state came into force on December 8, Interfax reports. "This decision came into force.  The corresponding writ of execution issued by the court will be sent to the Rosimuschestvo (Federal Agency for State Property Management) on Tuesday", a source familiar with the situation said.

According to him, the attachment of the Bashneft shares imposed at the request of the Prosecutor General and the Russian IC will be removed at that. "Since the asset is returned to the state, the further attachment is meaningless," the source said. On October 30, the Moscow Arbitration Court sustained the claim of the First Deputy Prosecutor General Alexander Buksman having retrieved in favour of Rosimuschestvo 81.7 percent of ordinary and 20.8 percent of preference shares of Bashneft owned by Sistema JSFC and its affiliate "Sistema-Invest". The court decided that the shares of Bashkir fuel and energy companies were illegally registered in regional ownership in the 90s, and therefore all subsequent transactions with them are void.

The court's decision shall enter into force 30 days after the production of the statement of reasons (made on November 7), if by that time it is not appealed. Sistema JSFC announced that it would not appeal the decision.

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