AFK Sistema has transferred Bashneft (a subsidiary of Rosneft) to 40 billion rubles, the corporation said on Monday. This is the last tranche in the implementation of the settlement agreement - the whole company of Vladimir Yevtushenkov was supposed to pay 100 billion rubles. until the end of March. Thus, AFC fulfilled its obligations ahead of schedule. The first payment was transferred at the end of December 2017 - 20 billion rubles, then in February - another 40 billion. The money was raised from the Russian Direct Investment Fund and Gazprombank, as well as from Sberbank. As of the end of September 2017, Sistema's net debt, excluding subsidiaries, was 99.5 billion rubles. "Sistema" has fulfilled all its financial obligations under the settlement agreement in full accordance with its terms, the company points out. Within three working days from the date of the fulfillment by Sistema of its obligations, the parties must file applications for the withdrawal of previously filed claims against each other and the removal of security measures for claims against the assets of AFK Sistema and its subsidiary Sistema Invest, the report said. Each party refuses all other property claims to other parties to the settlement agreement that have arisen or may arise in the future in connection with the claims, is specified there. The representative of Rosneft did not respond to the request.
The legal proceedings between Rosneft and Bashneft on the one hand and Yevtushenkov's structures on the other started in May 2017. Oil companies demanded 106.6 billion rubles from Sistema-Invest and Sistema-Invest. For causing Bashneft losses during the reorganization in 2013-2014. Then, Rosneft increased the amount of the claim to 170.6 billion rubles, and in December filed an additional claim for compensation of 131.6 billion dividends. As a security measure on the claims, the court froze almost all of Sistema's assets. The settlement agreement between the parties was approved by the Arbitration Court of Bashkiria on December 26. It was achieved after Yevtushenkov's conversation with Rosneft CEO Igor Sechin at a meeting in the Kremlin of President Vladimir Putin with representatives of big business.
Earlier Evtushenkov said that an amicable agreement with Rosneft would not affect the dividend policy of the company. He himself refused to pay for the nine months of 2017.
"The settlement was reached, and all parties were interested in its speedy execution," commented the analyst of Uralsib Capital, Konstantin Belov. - Early repayment shows that Sistema has no difficulties with attracting financing. It is clear that the parties appointed a due date with a margin, and Sistema, once it became possible to pay, is interested in lifting the arrest from the assets. " In February, the court already withdrew the arrest from two of the company's assets: 90.47% stake in Bashkir Electric Grid Company and 52% of Detsky Mir, then in early March - from 31.76% stake in MTS. Under arrest are 100% of Medsi, 90.5% of the agricultural holding Steppe, 71.87% of MTS Bank and several other assets.