The court rejected the “System” in lifting the arrest of shares under the claim “Rosneft” to 170 billion rubles

The court rejected the “System” in lifting the arrest of shares under the claim “Rosneft” to 170 billion rubles

Moscow. July 6. INTERFAX.RU – the Arbitration court of Bashkiria refused AFK “System” in the abolition of interim measures under the claim “Rosneft” and “Bashneft” is 170.6 billion, under which arrested 31.7% of MTS shares, 100% of the group’s and 90% of BESK, the correspondent of “Interfax” from the courtroom. The value of the “System,” are seized, the plaintiffs estimated at 185 billion rubles.

AFK “System”, arguing that his petition for annulment of interim measures under the claim “Rosneft” and “Bashneft” is 170.6 billion, was declared unproven by “Rosneft” of the fact that the failure to take interim measures may result in of the difficulty or impossibility of execution of the judicial act.

According to the representative of the AFC, the arguments of “Rosneft” about the need for the adoption of interim measures “suggestive”. The representative of the AFC emphasizes that the assets of the defendants more than sufficient for execution of the judgment in the present case. “According to the accounting balance sheet of the AFC System for the first quarter of 2017, the carrying value of its assets is 450,9 billion and total assets of AFC as of December 31, 2016 amounted to 1.1 trillion rubles. Thus, the actual value of the assets of AFK “System” more than 6.5 times the amount of the stated requirements for it, which is more than enough for the execution of court decisions”, – said the representative of the Corporation in court.

He also stressed that the size adopted in the present case the interim measure is manifestly disproportionate to the stated claim. “So, when the stated amount of the claim in the amount 170,6 billion roubles (taking into account the increase originally stated requirements on the amount of exchange differences) the court had imposed a lien on the assets of the defendants, is estimated, according to the applicants, within 185 billion rubles Enormous and unfounded the difference in the amount of 15 billion RUB equivalent to one-fourth of the net profit of AFK Sistema for the first quarter of 2017”, – said the representative of the AFC.

In addition, the court also rejected the “System” in the petition for granting “Rosneft” counter-security on the claim. The AFC requested by the “Rosneft” counter to ensure that the plaintiffs have provided it in that case, if the court will satisfy the petition of the AFC on the abolition of interim measures.

The official representative of AFK “Sistema” Sergei Kopytov said “Interfax” that in accordance with the legislation, the party requiring the adoption of measures to ensure, should bear the liability for damages caused by such measures. “That’s why AFK “System” filed a petition for a counter security from the plaintiffs, if the court will not annul the interim measure”, he said.

As told journalists the representative of AFC Felix Lieb, the “System” intends to appeal these denials to the court.

During the meeting the parties had a long argument on the valuation of the seized assets. According to the representative “Rosneft”, “the real value of the assets of AFK “System” on the territory of the Russian Federation free from any encumbrances and obligations for third persons is not more than 43.9 billion rubles.” More than 150 billion rubles – the value of financial investments in foreign assets more than 120 billion rubles – long-term liabilities, says Rosneft.

The representative of AFC emphasizes that in the evaluation of the assets of the company not to give preference to the company because the company has foreign assets, and therefore it is important for IFRS. But he noted that AFC is a Russian company, and “the obligations imposed by the court will execute it, and not foreign companies.”