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AFK Sistema, subsidiary ordered to forfeit Bashneft stock

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14:23 30/10/2014

MOSCOW, October 30 (RAPSI) – The Moscow Commercial Court on Thursday has granted a claim which had been filed by the Investigative Committee and ordered AFK Sistema, its subsidiary Sistema-Invest to forfeit Bashneft stock, RAPSI reports from the courtroom.

Bashneft was privatized in 2009. It was controlled by the government of Russia’s Bashkortostan region until 2003, when a major stake was sold to companies affiliated with Ural Rakhimov, son of the former head of Bashkortostan Murtaza Rakhimov.

In 2009, Russian oil-to-telecoms conglomerate AFK Sistema gained control of the company.  Investigators opened a criminal case last April linked to deals with Bashneft shares in 2002 to 2009.

Rakhimov and billionaire Vladimir Yevtushenkov were implicated in the sale of Bashneft stock in 2009. Rakhimov was charged in absentia with embezzlement and money laundering, put on the international wanted list.

Yevtushenkov, the board chairman and largest beneficiary of AFK Sistema, stands charged with money laundering.

The Prosecutor General’s Office filed a motion earlier seeking to seize Bashneft stock held by AFK Sistema. The Moscow Commercial Court granted the motion in late September.

AFK Sistema directly owns almost 72% of voting shares of Bashneft, which produces about 350,000 barrels of oil a day, and an overall stake of 86.7%, including 12.6% via Sistema-Invest.

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AFK Sistema, subsidiary ordered to forfeit Bashneft stock

14:23 30/10/2014 The Moscow Commercial Court on Thursday has granted a claim which had been filed by the Investigative Committee and ordered AFK Sistema, its subsidiary Sistema-Invest to forfeit Bashneft stock.
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