Sistema JSFC will continue to finance social projects in Bashkiria

UFA, 18 February 2015. /Bashinform News Agency, Elvira Latypova/. Funds that by the decision of the Moscow Arbitration Court will be recovered from Ural-Invest LLC in favour of Sistema JSFC in the amount of 70.7 billion rubles will be used for the Company's investments in Russia, as well as for its corporate social responsibility programs in all regions where Sistema operates, including the Republic of Bashkortostan. This was reported in the statement of the corporation, posted on its official website.

«Sistema is currently reviewing its existing corporate social responsibility programs in the Republic of Bashkortostan, as well as support of any new projects. The company intends to consult the authorities of the Republic of Bashkortostan on this topic and extend the general cooperation agreement with Bashkortostan », it is said in the statement.

According to the Sistema, between 2009 and 2014, the company allocated over 6 billion rubles to charitable causes in Bashkortostan.

On February 16, 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. LLC Ural-Invest intends to appeal the decision.