AFK Sistema PAO logo

SSAA - AFK Sistema PAO News Story

n/a 0.0  0.0%

Last Trade -

Sector
Telecoms
Size
Micro Cap
Market Cap £n/a
Enterprise Value £n/a
Revenue £6.63bn
Position in Universe th / 1816

Sistema PJSFC - Sistema files lawsuit seeking damages

Fri 8th December, 2017 11:28am
RNS Number : 8207Y
Sistema PJSFC
08 December 2017

Sistema files lawsuit seeking damages from Rosneft and Bashneft

Moscow, 8December 2017 - Sistema PJSFC ("Sistema" or "the Corporation") (LSE: SSA, MOEX: AFKS), a publicly traded diversified Russian holding company, announces that it has filed a lawsuit in the Arbitration Court of the City of Moscow against Rosneft and PJSOC Bashneft (the "Defendants") seeking damages of RUB 330,448,787,336.

During 2017 Rosneft and Bashneft have deliberately and in bad faithundertaken and continue to undertakea number of actions with the sole aim of unjustly enriching the Defendants and destroying Sistema's shareholder value, driving the Corporation to bankruptcy and causing losses to the Corporation, its shareholders and creditors.

In this connection, Sistema has been forced to take actions to defend the legitimate interests of the Corporation, its employees, partners and shareholders, and has asked the court to compensate the losses caused.

At the same time, Sistema underscores its repeatedly stated readiness to find a swift resolution to the dispute on an honest and objective basis in the interests of all parties to the dispute and the broader Russian economy.

***

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

IR Service

Yury Krebs

Tel.: +7 (495) 730 66 00

y.krebs@sistema.ru

Press service

Sergey Kopytov

Tel.: +7 (495) 228 15 32

kopytov@sistema.ru

***

Sistema PJSFC is a publicly traded diversified Russian holding company serving over 150 million customers in such sectors as telecommunications, retail, paper and packaging, agriculture, high technology, banking, real estate, pharmaceuticals, tourism and healthcare services. The company was founded in 1993. Its revenue in 2016 reached RUB 697.7bn; its total assets equalled RUB 1.1tn as of 31 December 2016. Sistema's global depositary receipts are listed under the "SSA" ticker on the London Stock Exchange. Sistema's ordinary shares are listed under the "AFKS" ticker on the Moscow Exchange. Website: www.sistema.ru


This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCTPBBTMBTMBIR
© Stockopedia 2020, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.