ART DE LEX managing partner, Dmitry Magonya, commented in Vedomosti about the Bashneft case
Five weeks and three sessions were necessary for the Moscow Arbitration Court to contend with the question of whether Systema must turn over to the Russian state its shares in Bashneft.
Olga Aleksandrova, a judge of the Moscow Arbitration Court, complied with the demand of the first attorney general and decided that state-run Rosimushestvo is to receive 81.6 percent of the common stock and 20. 9 percent of the preferred stock of Bashneft, a subsidiary of Systema and Systema-invest. The lawsuit began on 24 September 2014, and reaching a decision took the three sessions before the court and less than an hour of the judge’s time for reflection. According to Vedomosti, Systema plans to appeal the decision in the near future.
The general procurator’s case is one of many against Bashneft. In the middle of September 2014, the government brought a suit against the head of the board of directors of Systema, Vladimir Yevtushenko. Authorities accused him of breaching paragraph 22, article 174, part 4, of the Criminal Code regarding money laundering. According to the Criminal Code, Mr. Yevtushenko, who now is under house arrest, faces a possible five-year prison term.
One law enforcement officer stated that the results of further investigations regarding Bashneft are forthcoming. They will determine whether Mr. Yevtushenko will face an extended term under house arrest.
