Court decided to recover 70.7 billion rubles from Ural-Invest in favour of Sistema JSFC

UFA, 17 February 2015. /Bashinform News Agency, Elvira Latypova/. The Moscow Arbitration Court decided to recover 70.7 billion rubles from LLC Ural-Invest in favour of Sistema JSFC for its losses connected with withdrawal of Bashneft shares in favour of the state. This is reported by the media on the results of the court hearing.

After the court session the spokesman of LLC Ural-Invest told reporters that the company would appeal the decision.

Sistema JSFC filed a suit to the Moscow Arbitration Court in late December 2014, after the entry into force of the judgment on return of Bashneft shares belonged to it to the ownership of the Russian Federation. The amount in dispute is 70.7 billion rubles.

On October 30, 2014, the Moscow Arbitration Court upheld the claim of the Prosecutor General of the Russian Federation for the recovery in favour of the Russian Federation, 81.7 percent of ordinary and 20.8 percent of preferred shares of Bashneft, totaling 71.6 percent of the share capital. The court's decision was motivated by illegal withdrawal of Bashneft from the state ownership, which makes void all subsequent transactions.