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Rosneft filed a second lawsuit against AFK Sistema. The value of Sistema's assets, which can be arrested on two claims, exceeded 315 billion rubles. This exceeds by 40 billion their market price.
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Rosneft and Bashneft filed a new lawsuit with the Arbitration Court of Bashkiria against AFK Sistema and its structure Sistema-Invest. The corresponding claim was filed on December 11, 217, registered a day later, follows from the file of arbitration cases.

According to Mikhail Leontiev, in their statement, Rosneft and Bashneft are asked to seize the assets of the corporation in the framework of interim measures under the lawsuit filed on December 7 against Sistema and Sistema-Invest for damages in the amount of 131.6 billion rubles.

A Rosneft spokesman recalled that Rosneft's first suit against AFK Sistema was imposed on a number of assets of the corporation as part of interim measures. "The amount of the new claim is large and this requires similar measures," Tass quotes him. Leontiev did not specify which assets of AFK Sistema could be arrested.

The new petition of Rosneft was commented by the official representative of the corporation Sergey Kopytov. He told Forbes that the plaintiffs, without any justification, are asked to take interim measures from the Ufa court, "which is already known for its blatant decisions in the context of considering such requests by Rosneft." "Obviously, our opponents continue to pursue a policy of blackmail, which is aimed solely at destroying the value of Sistema," Kopytov said.

A spokesman for Sistema noted that such actions became one of the reasons for the company filing a lawsuit against Rosneft and Bashneft. This claim - on recovery from Rosneft and Bashneft of damages amounting to more than 330.4 billion rubles - went to the Moscow Arbitration Court on December 11 and was registered on December 12.

Mutual claims

The first lawsuit filed by Rosneft and its controlled Bashneft to recover more than 106.6 billion rubles from AFK Sistema and its subsidiary Sistema-Invest was registered by the Moscow Arbitration Court on May 2, 2017. In the amount of 106.6 billion rubles were 57.2 billion rubles for the loss of Sistema-Invest shares, 36.9 billion rubles of Bashneft's debt and 12.5 billion rubles of expenses incurred with the mandatory redemption of the company's shares from minority shareholders, dissenters with the terms of reorganization of Bashneft.

On May 10, the court returned the claim without consideration on the grounds that the case is not in charge of the Moscow Arbitration Court. After that, Rosneft filed a claim for the same amount in the arbitration court of Bashkortostan. At its first meeting on June 6, the court granted Rosneft's petition for an increase in the amount of claims from 106.6 billion rubles to 170.6 billion rubles in connection with the devaluation of the ruble.

June 26, it became known about the arrest of AFK Sistema assets on the basis of a judicial act of the Arbitration Court of Bashkortostan to secure claims within the scope of the claim of Rosneft. In accordance with the enforcement list, 31.76% of shares in the authorized capital of PJSC MTS, 100% of shares in the authorized capital of Medsi Group of Companies and 90.47% of shares owned by the corporation and Sistema-Invest, were seized in the authorized capital of JSC "BESK". Total assets were arrested for a total of 185 billion rubles. In October 2017, the court denied the AFU "Sistema" in a cassation appeal against this arrest of assets on the suit of Rosneft.

On August 23, the Arbitration Court of Bashkiria partially granted the claim of Rosneft, having decided to recover the amount of losses in the amount of 136.3 billion rubles. Sistema is trying to challenge this decision.

The next lawsuit filed by Rosneft with AFK Sistema was filed on December 7. It deals with damages in the amount of 131.6 billion rubles. The total amount of claims of Rosneft and Bashneft to AFK Sistema on two claims exceeded 300 billion rubles. If the court satisfies the new petition of Rosneft, then the assets of AFK Sistema will be arrested for an amount exceeding 315 billion rubles.

Are the assets of Sistema worth such money?

AFK Sistema's assets

The market value of AFK Sistema's most liquid assets - MTS shares - is 242 billion rubles. The value of Detsky Mir shares (52.1%) is about 36 billion rubles.

On December 11, AFK Sistema and the Russian-Chinese Investment Fund (RKIF) announced the sale of 8% of the ordinary shares of Detsky Mir. It was assumed that AFC within the offer would sell 6.3% stake in the retailer, RCIF - up to 1.7% of the shares. As a result, the volume of the transaction, which passed through accelerated bookbuilding, amounted to 46.5 million shares or 6.3%.

The transaction cost was 4.2 billion rubles. Sistema's official spokesman Sergei Kopytov noted that the sale of Detsky Mir shares is not connected with the claims of Rosneft.