Sistema announced a technical default on loans

© RIA Novosti / Ramil to Setdiscoverable in fotobounce company AFK Sistema. Archival photoSistema announced a technical default on loans© RIA Novosti / Ramil to Setdiscoverable the image Bank

AFK «Sistema» announced the occurrence of a technical default on credit obligations in the amount of 3.9 billion rubles due to the seizure of assets in a dispute with «Rosneft» «Bashneft»; however this default is a mere formality — the Corporation will maintain its credit obligations in full.

«The occurrence of a technical default due to the ongoing arrest belonging to the Corporation and JSC «Sistema-invest» MTS shares, «meds» and BESK imposed by the Arbitration court of Bashkortostan Republic within the framework of consideration of claim NK «Rosneft», «Bashneft» and the Republic of Bashkortostan to AFK «Sistema» and JSC «Sistema-invest» the recovery is 170.6 billion rubles of damages allegedly incurred by Bashneft in connection with its restructuring», — stated in the message.

«AFK «System» emphasizes that failure to comply with certain conditions for a number of credit obligations, which creates the basis for a technical default caused solely by the decision of the court about the arrest of the above assets and is of a purely formal character», — is spoken in the message.

The Corporation assures that it serves and expects in the future to service their credit and financial obligation timely and in full.

As the findings of trading, after reports about the default action of the AFC is much cheaper so in the beginning of the trading session.
To 10.16 MSK, the share price fell 3.2%, the MICEX index was increased by 0.5%. Papers AFK already fell on Monday to 11.5 rubles — the lowest since June 27 (minus 3.4%).

AFK «System» till the end of 2014 owned controlling stake of «Bashneft». «Rosneft», «Bashneft» and Bashkiria in the court demanding to recover from the AFC and her «daughter» is 170.6 billion rubles in favor of «Bashneft». The plaintiffs believe that the damage occurred taking into account the weakening of the ruble «System» caused Bashneft’s reorganization. «The system» for its part, has repeatedly stated the groundlessness of the claims and willingness to defend its position in court.

The arbitration court of Bashkortostan, 23 June, at the request of «Rosneft» took security measures, arresting belonging to the AFC 31,76% of MTS shares, 100% shares of the group and 90,47% stake in BESK.

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