rosneft wins huge damages over bashneft deal
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Rosneft wins huge damages over Bashneft deal

Arab Today, arab today

Arab Today, arab today Rosneft wins huge damages over Bashneft deal

A Russian court on Wednesday
Moscow - Arab Today

A Russian court on Wednesday ordered private company Sistema to pay huge damages to state-controlled oil giant Rosneft over its controversial deal to acquire oil company Bashneft.

The regional court of Bashkortostan in southern Russia ruled in favour of Rosneft which was suing Bashneft's previous owner, private firm Sistema -- owned by tycoon Vladimir Yevtushenkov. It ordered Sistema to pay Rosneft 136 billion rubles ($2.3 billion).

Rosneft -- headed by Igor Sechin, a powerful ally of President Vladimir Putin -- had asked for a higher sum of 171 billion rubles but if the amount is upheld, it will be one of the largest ever awarded by a Russian court.

Bashneft, an oil producer based in the central city of Ufa, was privatised in the early 2000s. In 2014, a Moscow court ordered the nationalisation of a stake held by Sistema.

The billionaire Yevtushenkov spent several months under house arrest from December 2013 on money laundering charges. His case was likened to that of former Yukos chief Mikhail Khodorkovsky -- whose company was also snapped up by Rosneft.

Observers said Yevtushenkov's arrest marked a watershed for Russian business as it signaled that even tycoons loyal to the Kremlin were no longer immune from prosecution.

Yevtushenkov was released two months after Bashneft's nationalisation.

Rosneft then acquired Sistema's majority stake in Bashneft in 2016 for 329.69 billion rubles, then worth some $5.2 billion.

But Rosneft's lawsuit accused Sistema of carrying out a reorganisation of Bashneft before it came under Rosneft's control, causing it to suffer losses now.

The Bashneft deal is also at the heart of the case against former economy minister Alexei Ulyukayev, who is currently on trial for allegedly soliciting a massive bribe from Sechin in return for approving the deal.

Ulyukayev has denied soliciting the bribe, saying that he was caught up in a sting organised by the security services on the basis of testimony from Sechin.

According to the prosecution, Sechin personally handed Ulyukayev briefcases containing $2 million in cash at the Rosneft offices in a operation carried out with the FSB security service.

The prosecution has asked for Sechin to appear as a witness in the trial, which resumes September 1 after a dramatic first hearing this month in which Ulyukayev directly accused Sechin of setting him up

source:AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

rosneft wins huge damages over bashneft deal rosneft wins huge damages over bashneft deal

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

rosneft wins huge damages over bashneft deal rosneft wins huge damages over bashneft deal

 



GMT 12:47 2016 Thursday ,01 September

'La La Land' musical masterpiece dazzles Venice film fest

GMT 12:42 2017 Monday ,20 February

Dalia al-Behairy begins 'Yawmiyat Zoga Mafrosa'

GMT 19:01 2017 Wednesday ,30 August

Oil prices down as US reels from Harvey

GMT 04:19 2017 Monday ,08 May

National forces attack mercenaries in Taiz

GMT 19:21 2017 Sunday ,07 May

Iranian Film Week opens in Baghdad

GMT 21:33 2017 Sunday ,30 July

Arab Quartet meeting kicks off in Bahrain

GMT 17:17 2016 Friday ,07 October

Aleppo bleeds as US and Russia spar

GMT 12:03 2015 Monday ,21 December

Nepal protester killed in constitutional crisis clash

GMT 09:47 2016 Thursday ,22 December

Trump vows to cut F-35 spending, as leaked memo

GMT 21:44 2017 Friday ,15 December

King establishes Hawar Development Committee

GMT 20:57 2017 Tuesday ,16 May

Naval Forces rescue 23 tourists in Hurghada

GMT 12:56 2017 Monday ,11 December

Lyon leave it late, Balotelli with Nice winner

GMT 06:18 2017 Thursday ,19 October

Russian delegation meets with Julphar chairman

GMT 21:20 2017 Monday ,23 October

Nasr, delegation of London Stock Exchange

GMT 14:40 2012 Saturday ,10 March

Magdy Al-Galad steps down

GMT 09:47 2017 Sunday ,12 March

Cat Camp in New York attracts cat lovers

GMT 14:57 2016 Friday ,09 September

Madonna, Ritchie settle child custody dispute

GMT 23:52 2017 Monday ,18 September

UAE economic growth boosting logistics sector
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday