In early May, Rosneft and Bashneft filed a lawsuit against Sistema and its Sistema Invest investor in the amount of 106.6 billion rubles. In so many plaintiffs estimated the losses of Bashneft during the reorganization of its ownership structure in 2013-2014. Later, they clarified their requirements: on May 23, a request was filed to increase the amount of claims to 170.6 billion rubles. This document was posted by AFK Sistema on its website. It follows that the original amount was determined by the plaintiffs as of May 5, 2014, that is, on the completion date of the reorganization of Bashneft. According to the rate of the Central Bank for this date (35.72 rubles for $ 1), the damage is equal to $ 2.98 billion, it follows from the document.
But since Bashneft sells oil and oil products at prices corresponding to international quotations in US dollars, its rate has significantly increased since 2014, and the purchasing power of the ruble has significantly dropped, then "the calculation of the real amount of losses should be made taking into account the adjustment that takes into account the change Of the ruble to the US dollar, "consider Rosneft and Bashneft.
Therefore, the estimated loss of $ 2.98 billion in terms of the Central Bank exchange rate as of May 22, 2017 (57.16 rubles for $ 1) is already 170.6 billion rubles, the plaintiffs said in a statement.
Sistema believes that these claims, like the suit itself, have no legal or economic basis, the company said. "The claim of plaintiffs to increase the amount of losses allegedly incurred by them is justified by the fact that" from 2014 to the present time, the US dollar exchange rate has grown significantly, and the purchasing power of the ruble has fallen significantly. " Thus, the Russian state-owned companies of PJSC NK Rosneft and PJSC ANK Bashneft justify the size of claims to other Russian companies - AFK Sistema and Sistema-invest - on compensation of the estimated losses in Russia by a change in the US currency rate, - indicates the AFC.
"In other words, in fact, Rosneft and Bashneft (companies of the Russian jurisdiction) offer AFK Sistema (also a Russian company) to be responsible for changing such a macroeconomic indicator as the purchasing power of the Russian ruble," Sergei Kopytov of Sistema said.
To receive the comment of "Rosneft" it was not possible yet.
On Wednesday, it became known that Bashkiria (owns 25% of Bashneft) joined the suit. The preliminary hearing on the suit is scheduled for June 6.
The lawsuit filed by Rosneft and Bashneft does not challenge the transactions made during the reorganization, but point out that the reorganization had "economically extremely negative results for the company [Bashneft]," and this is indicative of the deliberate and purposeful actions of Sistema JSFC On causing damage to Bashneft. In 2013, Sistema directly owned 50.1% of Bashneft, another 30.2% of ordinary shares belonged to Sistema-invest, in which AFK had 50.6%, the rest was from Bashneft. By May 2014, a 100% subsidiary of Bashneft, Bashneft-Invest, has changed its stake in Bashkir Power Sales Company (BESK) and Ufaorgsintez by 20.2% of Bashneft's ordinary shares. The shares were redeemed. The plaintiffs are unhappy that, with the loss of indirect control over BESK and Ufaorgsintez, Bashneft lost the rights to dividends of these companies. AFK parries: assets were non-core, the company's capitalization after their withdrawal grew. Bashneft, even indirectly, was not the majority shareholder of BESK and Ufaorgsintez, did not control them and could not manage them, the defendant points out. Separation of non-core assets is a normal practice in preparing the company for an IPO, this increased the capitalization of Bashneft.