The arbitration has refused “the System” in the forensic examination of the reorganization of “Bashneft”


UFA, July 19. /TASS/. The arbitration court of the Republic of Bashkortostan refused AFK “System” in the application for judicial economic examination of the reorganization of “Bashneft” in proceedings of “Rosneft” is 170.6 billion. The decision was announced by judge Irina Nurislamova.

“In the petition to deny,” said the judge.

The representative of AFK “Sistema” Sergei Kopytov said TASS that the Corporation is appealing the court’s decision.

During the meeting, representatives of AFK “System” declared the petition for carrying out of examination with attraction of the auditor of “big four” (PricewaterhouseCoopers, Deloitte, Ernst & Young and KPMG). “Rosneft” asked the court to refuse its satisfaction, as, according to representatives of the oil company “no special knowledge to determine what happened before and after the reorganization, is not required.” “Bashneft” has aligned itself with the position of “Rosneft”. The Ministry of Bashkortostan, acting a co-plaintiff in the case, believes that “the defendants have not proved the need for expertise, it is not required.”

As the correspondent of TASS from the courtroom, arbitration of Bashkiria will continue consideration of the claim of “Rosneft” to AFK “System” on July 20. “This court is adjourned until July 20 9:00 local time (07:00 Moscow time – approx. TASS),” – said judge Irina Nurislamova. At the meeting, in particular, will consider the petition “System” on the appointment of economic expertise on evaluation, 49.4% of actions “Systems-invest” previously owned by “Bashneft”.

“Rosneft” against “the System”

In early may, “Rosneft” and affiliated “Bashneft” has submitted to Arbitration court of Bashkiria the claim with the requirement to recover from Sistema and ZAO “Sistema-invest” 106,6 billion of damages caused by “Bashneft”, according to the plaintiff, as a result of reorganization in 2014. Subsequently, the amount of claims increased to 170,6 billion rubles taking into account the devaluation of the ruble.

A large part of the loss (57,2 billion roubles) is associated with a loss of 49.4% of shares of “Sistema-invest” transferred AFK “System” in exchange for its shares in Bashneft and other assets (the shares of “Bashkirenergo” and “Ufaorgsintez”). The remaining amount of the loss (36,9 billion) – debt cancellation “System – invest” before “Bashneft” and the repayment of 3.9% of shares of “Bashneft” (12.4 billion rubles), bought out minority shareholders who disagree with the terms of this transaction.

AFK “System” does not agree with these claims and considers them unfounded. According to the company, all of these lawsuit actions have been carried out in accordance with the law and best corporate governance practices in business development and growth in the value of Bashneft.

In June, the company offered “Rosneft” to settle the dispute out of court, however, in “Rosneft” considered that the specific proposals not submitted. The oil company intends to continue the trial. The “system” believes that the basis of a settlement agreement could be the engagement of an independent auditor to assess the results of the reorganization of “Bashneft”.

From 2005 to 2014 “Bashneft” was part of the AFK “System” Vladimir Yevtushenkov, after which he was returned to state ownership. In 2016 50,1% of shares of “Bashneft” bought “Rosneft”, paying for a package of 329.7 billion. Later, after the offer to minority shareholders, “Rosneft” began to control 57.7% of the share capital of “Bashneft”.

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