The court published the terms of the agreement «Rosneft» and AFK «System»

© RIA Novosti / Ramil to Setdiscoverable in fotobounce company AFK Sistema. Archival photoThe court published the terms of the agreement «Rosneft» and AFK «System»© RIA Novosti / Ramil to Setdiscoverable the image Bank

The arbitration court of Bashkortostan issued issued 26 Dec resolution about approval of settlement agreement «Rosneft», «Bashneft», Bashkortostan, Sistema and its subsidiary JSC «Sistema-invest», containing the terms and conditions.

The conclusion of a settlement agreement by themselves «Rosneft» and «System» announced on December 22, declaring only that the AFC will pay him according to Bashneft 100 billion rubles no later than March 30, 2018, after which the parties undertake to renounce mutual claims. «System» has promised to pay for the expense of own and borrowed funds. And «Rosneft» have specified that the borrowing Corporation will help the Russian direct investment Fund (RDIF) and Sberbank.

According to the document posted in the files of arbitration cases, the settlement agreement concluded for the settlement of the dispute over the reorganization of «Bashneft» and «other litigation between plaintiffs and defendants related to the presence of Bashneft and/or its affiliates in the possession and/or under the control of «the System» and «System-invest».

Arbitration of Bashkiria in August sought to the AFC and its «daughter» 136,3 billion rubles of losses incurred in 2014, Bashneft’s reorganization, partially having satisfied the claim of «Rosneft», «Bashneft» and Bashkiria, demanding 170,6 billion.

Sistema owned a controlling package of shares of «Bashneft» to the end of 2014, when they were transferred to the state after the court of illegal privatization deals in 2009. Rosneft bought the stake from the state in 2016, she now belongs to 69.3% of the voting shares of «Bashneft». Bashkiria owns a blocking stake.

Under the settlement AFK «System» and «System-invest» agree to reimburse «Bashneft» caused her damages in the amount of 100 billion rubles, of which the Corporation will pay 80 billion, and its «daughter» — 20 billion. This document clearly and in detail describe the expected sequence of actions of the parties.

The first stage

At the first stage of «Sistema-invest» not later than 29th December, lists of «Bashneft» 20 billion rubles. Source of funding — including funds received as the result of the lifting of the ban on the receipt of income from the arrested MTS shares, «meds» and BESK.

The implementation of this phase is already underway — just a few hours after court approval of the settlement agreement, Sistema announced that the bailiffs removed the restriction on the generation of its income on these assets. On December 27 MTS has informed that has transferred AFK «System» dividends for the year 2016 and first half 2017 for a total amount of 16.5 billion rubles.

The second stage

In the second stage, Sistema shall not later than 28 February to transfer of Bashneft 40 billion rubles. Source of funding — funds, all of which «System» to organize, FUND secured released from the arrest of the shares of BESK and «Children’s world», as well as for other agreed security.

To do this, first, FUND, AFK «System» and/or other persons to sign binding documentation providing these funds.

Then, within one working day, the parties requested the Moscow court bailiffs to partially lift the arrest of the assets of AFK «System», namely, 90,47% of the shares of BESK and 52,09% of the shares, and within two business days — serves a similar statement in the Bashkir arbitration.

There are already some details on this stage. The head of RDIF Kirill Dmitriev said on Thursday that the Fund will provide Sistema a loan of 40 billion rubles for a period of six months, until June 2018. As expected of a pledge he mentioned only the shares of BESK and «Children’s world».

The third stage

In the third stage, Sistema shall not later than March 30 to transfer of Bashneft 40 billion rubles. Source of funding — loan funds provided by «the System» Sberbank released on bail from arrest 31,76% of the shares in MTS.

To do this, first savings Bank and «System» to sign the documentation for the loan.

Then, within one working day, the parties requested the Moscow court bailiffs to partially lift the arrest of the assets of AFK «System», namely, with 31,76% of shares in MTS, and within five working days — serves a similar statement in the Bashkir arbitration.

Step 3.1

«System» is deemed to have fulfilled its obligations under the settlement agreement at the time of enrollment at the expense of «Bashneft» in the last installment.

Within one day thereafter, the parties request that Moscow and St. Petersburg bailiffs to remove the arrest from all remaining under it assets of AFC.

The court published the terms of the agreement «Rosneft» and AFK «System»© RIA Novosti / Ramil to Setdiscoverable in fotomontagen bailiffs lifted the ban on the receipt of Sistema’s dividends from MDNA this moment underneath the idea remains: 100% of the network of clinics «Medsi», 90.5% of shares of JSC «Agroholding «the Steppe», 71,87% stake in MTS Bank, a 100% interest in OOO «Sistema Telekom aktivy», 98,78% of shares of JSC «Leader-invest», 16,18% share in OOO «GK «Segezha», 88,78% stake in OOO «Group «Kronstadt», 45,96% shares in the company «Hotel Management», 27% shares of «joint bridge-building enterprise».

Finish

Within three working days after completion of the «System» of all obligations under the settlement agreement «Rosneft» and «Bashneft» served in the Bashkir arbitration statement of rejection of the second claim, the «System» of 131.6 billion in dividends that the Corporation received from Bashneft from 2009 to 2014, and Bashkiria — refuses his similar claim.

Its part of AFC at the same time shall submit to the Moscow arbitration court a statement of rejection of the claim to Rosneft 330 billion rubles, which «System» assessed the damage to corporations from legal actions «Rosneft». The AFC also States in the Moscow city court for waiver of the lawsuit challenging the notarization of correspondence managers «Bashneft», which «Rosneft» presented as evidence in the Bashkir arbitration.

Within those three business days the parties file statements in the Bashkir arbitration about the abolition of interim measures.

The court published the terms of the agreement «Rosneft» and AFK «System»© RIA Novosti / Ramil to Setdiscoverable in fotobesplatnoe.html surprise: «Rosneft» and AFK «System» signed Mirandolina in the world agreed that each of the parties waives all other property claims by other parties to the agreement, which have arisen or may arise in the future in connection with these four suits (the reorganization of «Bashneft», its dividends during the period of monitoring, the «System», the allegations by AFC against «Rosneft» in the damage and intent to bankrupt).

The document also States that in case of delay, the System performance of the obligation of any of the three stages of implementation of the settlement agreement for a period exceeding seven working days, the plaintiffs may foreclose on any property under arrest in the framework of interim measures to both claims of «Rosneft».

Donarska

Approved court records document that «System» is obliged to ensure the settlement before March 30, at own expense claims of its shareholders, to Rosneft, Bashneft and Bashkir incurred in connection with litigation of the parties to the agreement. Below are seven minority shareholders, but agreed that the obligation extends to all such claims filed before the approval of the settlement agreement, i.e. until 26 December.

The court published the terms of the agreement «Rosneft» and AFK «System»© RIA Novosti / Grigory to Sysoeva in photomontage year: «Rosneft» walks on plentifully the representative of AFK «Sistema» Sergei Kopytov said RIA Novosti that the Corporation will settle claims of eight of its minority shareholders by Rosneft for a total amount of less than 300 thousand rubles. According to the settlement agreement, if to settle them out of court is not obtained, then the AFC shall reimburse the costs of «Rosneft», «Bashneft» and Bashkiria from-for these claims.

© Infografias «Bashneft», «Rosneft» and the Republic of Bashkortostan to SistemaThe court published the terms of the agreement «Rosneft» and AFK «System»© Infografias «Bashneft», «Rosneft» and the Republic of Bashkortostan to AFK «Sistema»

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