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Press Releases > Financial Corporation "Sistema"  all about the company

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Financial Corporation "Sistema"

November 12, 2014

Statement regarding JSOC Bashneft proceedings

Moscow, Russia – November 12, 2014 – Sistema JSFC (“Sistema”) (LSE: SSA), the largest publicly-traded diversified holding company in Russia and the CIS, announces that Sistema’s Board of Directors has carefully considered and decided not to appeal the decision of the Arbitrazh (Commercial) Court of the City of Moscow dated November 7th , 2014, which ruled that shares of JSOC Bashneft owned by Sistema and Sistema-Invest (the “Bashneft Shares”) should be returned to the Russian Federation.

In the best interest of the company, as a good faith buyer, Sistema without delay will focus on filing claims for the recovery of damages from the counterparties and/or their legal successors (Ural-Invest LLC) that sold the Bashneft Shares to Sistema and Sistema-Invest.

Further announcements will be made in due course.

*** 

For further information, please visit www.sistema.com or contact: 

Investor Relations

Evgeniy Chuikov

Tel.: +7 (495) 692 1100

ir(at)sistema.ru 

Public Relations

Sergey Kopytov

Tel.: +7 (495) 730 71 88

kopytov(at)sistema.ru 

 

 

 

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