The court of Bashkiria recognised the reorganization of Bashneft way of a conclusion of assets

© RIA Novosti / Grigory to Sysoeva in photomontages oil company Bashneft in Moscow. Archival photoThe court of Bashkiria recognised the reorganization of Bashneft way of a conclusion of assets© RIA Novosti / Grigory to Sysoeva the image Bank

The arbitration court of Bashkortostan said that held in 2014, Sistema’s reorganization of «Bashneft» is the abuse by shareholders of their rights, said the court’s decision.

The court notes that the AFC owns shares of MTS, «meds», «Bashkir electric grid company» (BESK), is a professional investor. So she had the opportunity and had to take into account the circumstances of privatization of «Bashneft», indicating the insignificance of transactions and the statutory duty to return all received under the transaction. «Also, the defendants had the opportunity and had to refrain from causing harm to society («Bashneft» — ed.) as a result of using corporate control over society and undertaken reorganization,» reads the decision.

«The court believes that the defendants, based on the circumstances of the case, could not know that they are illegal owners of shares are obliged to return, and the return of shares in state ownership is not associated with the usual risks of civil turnover. Therefore, defendants knew that the reorganization will inevitably cause society «Bashneft» significant losses, therefore, by the withdrawal of the assets from the companies «Bashneft», was not acting as a bona fide shareholder, but solely in its own interest, which confirms the presence of fault of the defendants causing damage,» — noted in the decision.

«In the course of the reorganization of «Bashneft» the defendants acted contrary to the norm, giving them the right of corporate control over a subsidiary, did not correlate their behavior with the interests of society and the state, such behavior does not meet the criteria of reasonableness, good faith and diligence, and is abuse by shareholders of their rights», — the document says.

The court noted that, acting reasonably and in good faith, the defendants had other avenues of eliminating cross-ownership scheme shares and intercompany loans, without the damage of «Bashneft».

The arbitration court of Bashkortostan on August 24 partially satisfied the claim of «Rosneft» to AFK «Sistema», recovered 136,3 billion rubles in favor of «Bashneft». The representative of AFC in court immediately announced its intention to appeal the decision.

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