Vladimir Yevtushenkov's Sistema says goodbye to the oil business

On Thursday, the Moscow Arbitration Court decided to transfer 81.67% of the shares "Bashneft", the sixth largest oil company in Russia, to the state. 
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The meeting lasted just over an hour, and on the judgment of the judge took 20 minutes. But minority shareholders "System" breathed a sigh of relief: at least, the government has not yet has requested 190 billion rubles. dividends that the company Vladimir Yevtushenkov had time to get over the years of ownership "Bashneft".

The claim for the recovery of shares "Bashneft" in the "System" and its "daughter" of "Sistema-Invest" and their return to the federal property was declared the Prosecutor General. He was referring to 1991, when a law was passed "On privatization of state and municipal enterprises in the RSFSR" and the ruling Supreme Council of the Russian Federation "On the delimitation of state ownership in the Russian Federation ...", in which the fuel and energy complex (FEC) relate exclusively to federal property. The main argument of the Prosecutor General was that "federal property delimitation issues should be resolved jointly by the federal and regional authorities," but at the time of privatization in 1992 Bashkiria has not requested the opinion of the federal government, which means that the shares "Bashneft" SELyli of Russian property without her knowledge.

An hour and twenty

Lawyers "systems" have tried to appeal to the statute of limitations expired, but the prosecutor Yulia Malysheva insisted that the countdown does not begin with the time when there was a disputed transaction, and with, the person became aware of the violation of his rights. Prosecutor General's Office, according to her, questioned the legality of the privatization of "Bashneft" in May 2014, after the Investigative Committee opened a criminal case on privatization and subsequent sale of the company "System" (initially defendants in the case have been the son of the former president of Bashkiria Ural Rakhimov and businessman Levon Hayrapetyan and September - the main owner of the "System" Vladimir Yevtushenkov). Since the shares "Bashneft" withdrew from the federal property illegally, that and all subsequent owners of these securities were not legitimate purchasers, entered into Malyshev.

"Shares" Bashneft "has never been in the ownership of the Russian Federation. How can I ask to return the property to which the Russian Federation has never owned? "- I wondered wRist "System". If the state finds that illegal actions of Bashkiria it was damaged, and the requirements must be presented to the authorities of the republic, he insisted. Especially that the fault of the other owners of shares not proved controversial: in itself the decision to institute criminal proceedings against Rakhimov Evtushenkova and can not serve as proof of the crime. Finally, "Bashneft", shares of which are trying to bring back the state, already very different from the enterprises of the Bashkir fuel and energy complex of the 1990s: in addition to the Bashkir company is already working in Myanmar and Iraq, explained the judge Olga Alexandrova defense "systems."

But after the break, she announced that the court decided to satisfy the claim "in full": the "system" and "system-Invest" is taken 81.67% "Bashneft", they also have to pay 4,000 rubles. registration fee.

The Civil Code (Sec. 2, Art. 196) clearly states that the limitation period is ten years from the date of violation of the right, not from the date when it was announced, said the lawyer of the Moscow City Bar Association Alexey Millers. And this period is clearly expired, he is sure that time General Prosecutor's Office is seeking the return of shares to the state, it must challenge their disposal, as it happened in 1992. In addition, the Accounting Chamber - the official state agency, its auditors in 2003 stated irregularities in the privatization of "Bashneft", he adds.

"Nibble" Only

Despite losing, the lawyers 'system' did not seem upset: the result of the court could be much more dramatic for the company. At the preliminary meeting, the representative of the Investigative Committee of the Prosecutor General's Office proposed to declare the additional requirements for the return of the "system" 190 billion rubles. dividends that "Bashneft" has paid the company for 2009-2013. But the Prosecutor General's Office this idea suddenly not supported, limiting the initial claim for the return of shares.

The news trading in shares of the "System" on Wednesday morning opened sharply increasing: on the Moscow stock exchange securities gained nearly 18%, and a similar trend was on the London Stock Exchange. Immediately after the announcement of the verdict of the collapse of the paperThey were (in London by 10.4%, to $ 7.4 per share), but then - in minutes played fall. At the end of the day the capitalization of "System" on the Moscow Stock Exchange increased by 10.94%, to 150 billion rubles., In London at 18.30 MSK papers were in positive territory at 12.75%.

Investors too early to rejoice: the issue of reclamation dividend remains undecided, the lawyer Julius Tai. By law, the Prosecutor General may still try to request received "system" proceeds from "Bashneft", but that prosecutors would have to prove that the company was Evtushenkova unscrupulous buyers.

RBC source in the Prosecutor General's Office yesterday assured that it will not claim the dividends in the case of "Bashneft": the goal was not to destroy the business Evtushenkova, and some of his "nibble". It seems that the authorities have chosen a "soft option that suits everyone," admits a source close to the leadership of the "System". However, Interfax quoted his informant reported yesterday that the monetary claims are still possible: "Before we put forward new claims, it is necessary to spend a lot of preparatory work, including refining volumes tighteningam and investments in "Bashneft" and at the same time establishing the size of dividends [...] Further actions of the government will depend on the opponents' positions. "

On Thursday, October 30 the Moscow Arbitration Court ruled for the recovery in the AFC "System" in state ownership 81.67% stake in the sixth largest oil company in Russia. In the adjudication of the judge it took 20 minutes. The main owner of "Sistema" Vladimir Yevtushenkov remains under house arrest. Investigative Committee continues to investigate the case on the legalization of property obtained by crime, a defendant in which he is. Hands-free reaction of the business community on the court's decision was not followed yesterday. RBC collected the few opinions that have been made public.

The fight is over?

After the first interrogation in SC Yevtushenkov in conversation with RBC she described the situation with "Bashneft" raiding. Since mid-September the businessman is under house arrest. Lawyer Evtushenkova yesterday told reporters that his client was aware of the arbitration decision, but remains nevertheless "in the hoRoche mood. " The very "system" is not clearly stated that he would challenge the verdict: in the evening the company issued a statement that "does not agree with the court decision and is considering an appeal." At the same time the "System" is discussing with stakeholders the potential impact of this trial and the "possibility of resolving the situation." The decision to appeal the company must take within a month.

Court of Appeal Decision shall enter into force immediately, recalled the lawyer "Bartolius" Alex Baptiste Bureau. If the "System" will lose the translation mechanism of state assets in the balance sheet does not take long: "The Registrar is obliged to execute the court decision - to carry out the operation in the registry. It's very fast. Especially in this particular case. "

Within 70 days after the court decision comes into force the government can appoint a general meeting of shareholders of "Bashneft", which re-elect the board of directors. The representatives on the board will be selected by the state directive, which will signprofile Deputy Prime Minister Arkady Dvorkovich and Prime Minister Dmitry Medvedev, analysts "VTB Capital," wrote. Then, the new board will determine the strategy of the company and its management, they continue. But the effectiveness of all the risks associated with the new owner, as well as the uncertainty of the further fate of state-owned shares of the company are already reflected her company's value, analysts say, since the beginning of the criminal case it fell by 62%.

The court's decision - not the worst case scenario, at least there is no solution for the return of 190 billion rubles, says the managing partner "Dashevskii and partners" Steven Dashevskii.. After all, to return the money, with high probability the company would have to sell other assets, including part of the MTS shares. "So far it looks like a compromise with the government, the real underlying reason of such a decision, we learn not soon," - he said.

The representative of the Federal Property Agency does not comment that the agency plans to do with "Bashneft", received its share. "Will sell! And buy Timchenko, "- says a major banker familiar with Yevtushenkov. Representative Gennady TeeMarchenko says that entrepreneurs are not interested in the asset. Press service of the largest oil companies - "Rosneft" (about her interest in "Bashneft" wrote earlier newspaper "Vedomosti"), LUKOIL and "Gazprom oil" declined to comment. The representative of "Surgutneftegaz" has not responded to a request to RBC.

Earlier, the president of "Gazprom oil" Alexander Dyukov said that currently the company's assets "Bashneft" not interested, and the president of "Rosneft" Igor Sechin noted only that the purchase of "Bashneft" carried with it risks for the future owners of the company. "The market is aware of the" skeletons in the closet "for a long time. That's why we never considered the possibility of buying the asset. "

"While the problem is that the company continued to work as work. Next time will show "- said yesterday the president of RBC" Bashneft "Alexander Corsica. The company itself did not begin to cancel scheduled for Thursday evening traditional Oil Party - a meeting of top management with investors, analysts and journalists.