The court adjourned on the fourth of September, the appeal of AFK «Sistema»

© RIA Novosti / Ramil to Setdiscoverable in fotobounce company AFK Sistema. Hivnae photoThe court adjourned on the fourth of September, the appeal of AFK «Sistema»© RIA Novosti / Ramil to Setdiscoverable the image Bank

The eighteenth arbitration appeal court (Chelyabinsk) was postponed to September 4 the appeal of AFK «System» on the seizure of assets in case on the claim of «Rosneft» is 170.6 billion rubles, the correspondent of RIA Novosti news from the courtroom.

In support of the appeal the representative of AFK «System» indicated that property AFC is sufficient for the execution of the judicial act: the balance sheet for the first quarter of 2017, shows that the value of the assets of AFC is about 450 billion rubles, according to IFRS the value of the property exceeds 1.1 trillion rubles. According to the AFC, if the balance of property, the abolition of interim measures is possible. «We have never taken action to reduce the carrying value of property,» — said the representative of the AFC.

The representative of «Bashneft», in turn, noted that the abolition of interim measures there are no new grounds, since «the System» has not provided other evidence, and that the procedural violations by the court of first instance had been committed.

«The court announced a break until 4 September to 10.00 for the study of the evidence and the issue of introducing them to the materials of the case,» said judge Alexander Rumyantsev.

Court 23 June, at the request of Rosneft seized belonging AFK «System» 31,76% of MTS shares, 100% shares of the group and 90,47% stake in BESK. The carrying amount of the assets, as specified in the court ruling, amounts to 185 billion rubles.

AFK «System» already tried to cancel the interim measures the court of first instance, citing the fact that the freezing of assets causes losses of tens of thousands of shareholders «the System» and MTS — individuals and legal entities, reducing the value of their stock packages. The Bashkir arbitration, however, on 6 July found no grounds for cancellation of the security. The court in its order stated that the defendants «did not provide evidence of significant influence of the exchange shares on the volume and value of their property».

AFK «System» on July 17 reported the occurrence of a technical default on its credit obligations in the amount of 3.9 billion rubles due to the seizure of assets in the framework of the dispute with Rosneft. At the same time, the Corporation said that the default is a mere formality — a «System» to service their debt in full.The court adjourned on the fourth of September, the appeal of AFK «Sistema»© Infografias «Bashneft», «Rosneft» and the Republic of Bashkortostan to AFK «Sistema»

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