Protesters break through police cordon in Tirana as anger grows over Trump-linked resort project
7 hours ago
Russian conglomerate Sistema lost its appeal to the courts to release shares in various holdings that have been frozen as part of its legal battle with state-owned oil major Rosneft.
Sistema’s shares have tanked as a result of the case and analysts say that Rosneft’s aggressive actions have badly undermined investors confidence in the Russian investment climate.
The Eighteenth Arbitration Appeals Court in Chelyabinsk rejected an appeal by Sistema to unfreeze its stakes on September 4. "The decision of the court of Bashkiria from July 12 to remain unchanged," said the judge, Vedomosti reported.
Rosneft won a claim against Sistema in the Arbitration Court of Bashkortostan on August 23 and awarded the oil company RUB136bn ($2bn) in damages, less than the RUB170.6bn Rosneft claimed.
Rosneft claimed the losses arose from the 2014 reorganisation of the Bashneft oil company, which was nationalised and then bought by Rosneft in a dubious privatisation deal. At the request of Rosneft, Sistema's assets in Mobile TeleSystems (MTS), healthcare company Medsi and utilities company BESK were all arrested as part of the legal case as collateral against a possible damage award of RUB185bn.
AFK Sistema said the claim of Rosneft was unreasonable. The corporation filed an appeal to cancel the interim measures, but was refused first in the court of Bashkortostan, and now in the court of appeals in Chelyabinsk.
Related Content
News
Protesters break through police cordon in Tirana as anger grows over Trump-linked resort project
Protests are part of a wider mobilisation against a $4bn tourism development backed by investors linked to Jared Kushner, the son-in-law of US President Donald Trump.
_0_1780421343.jpg)
Iran seeks Japanese help in rebuilding war-damaged oil sector
Iranian President Masoud Pezeshkian has asked Japan to participate in reconstructing infrastructure damaged in recent US-Israeli attacks, including refineries, in exchange for efforts to restore normal shipping through the Strait of Hormuz.
Two killed in Kenya protests over US-backed Ebola isolation centre
The deaths occurred as demonstrations intensified over a proposed 50-bed Ebola treatment facility intended to treat US citizens affected by the ongoing outbreak.
Panama moves to shed its tax haven status, on its own terms
Panama's new 15% tax on shell companies is being sold as a clean-up. It is also a carefully negotiated minimum, designed to satisfy Brussels while preserving the offshore model that built the country's service economy.
_0_1780406899.jpg)