Ural-Invest will additionally pay Sistema 12.9 billion rubles as compensation for Bashneft

UFA, 29 April 2015. /Bashinform News Agency, Elvira Latypova/. JSFC Sistema and LLC Ural-Invest signed on Tuesday an agreement under which Sistema will be entitled to receive an additional RUB 12.9 billion in cash assets and financial instruments for the recovery of damages from Ural-Invest LLS, suffered by Sistema as a result of loss of the Bashneft shares, according to the press release on the website of Sistema.

Earlier, according to the concluded settlement agreement on March 30, LLC Ural-Invest was obliged to pay Sistema 46.5 billion rubles instead of 70.7 billion rubles collected by the court. The parties agreed on a smaller amount because the defendant's property was not enough for enforcement of the judgment in its entirety. At the same time 10 percent of the amount received by Sistema was agreed to transfer to Ural Charity Foundation (owns 100 percent stake in LLC Ural-Invest).

A court decision on the withdrawal from the JSFC Sistema Bashneft’s shares and returning them to the state came into force on December 8, 2014. The court concluded that the actions of the companies of the Bashkir fuel and energy sector in the 90s were illegally fixed in regional ownership, and therefore the subsequent transaction with them were null and void. Currently, the issue of transfer of Bashneft’s shares to the ownership of Republic of Bashkortostan is still addressed.