Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  MOSCOW INTERBANK CURRENCY EXCHANGE  >  AFK Sistema PAO    AFKS   RU000A0DQZE3

AFK SISTEMA PAO (AFKS)
My previous session
Most popular
  Report  
SummaryNewsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsOfficial PublicationsSector newsTweets

Russia's Rosneft knocks Sistema with new $2.2 billion lawsuit

share with twitter share with LinkedIn share with facebook
share via e-mail
0
12/07/2017 | 06:09pm CEST
A logo of Russian state oil firm Rosneft is seen at its office in Moscow

MOSCOW (Reuters) - Russian oil major Rosneft filed a new $2.2 billion (£1.7 billion) lawsuit against conglomerate Sistema on Thursday, escalating a dispute which has rekindled concerns about the investment climate in Russia.

The long-running row over mid-sized oil company Bashneft pits powerful Rosneft chief executive Igor Sechin, a close ally of President Vladimir Putin, against billionaire Vladimir Yevtushenkov who told Russian media outlet RBC that the latest lawsuit was an "act of intimidation".

Yevtushenkov was placed under house arrest in 2014 over alleged money laundering before Moscow then renationalised Bashneft, saying its privatisation had been illegal, and dropped all charges against him.

Rosneft bought a controlling stake in Bashneft from the government in 2016. It subsequently alleged Sistema had removed assets from the company, something Sistema denies.

A Russian court ruled in August that Sistema should pay more than 136 billion roubles ($2.3 billion) to Rosneft in compensation as a result of this first lawsuit.

Thursday's legal move is a separate claim and news of the development drove Sistema's shares more than 17 percent lower, to below 10 roubles each, their lowest since the end of 2014.

"By pumping out groundless multi-billion lawsuits, Rosneft is just trying to compensate the costs of (buying) Bashneft, in other words, get the asset for free, at Sistema's expense," Sergei Kopytov, a spokesman for Sistema said.

Putin has fuelled speculation about the Kremlin's role in such disputes by calling on Rosneft and Sistema to settle their differences out of court, saying this would benefit both companies and the wider Russian economy.

But the president's intervention appears to have so far been ignored, with both companies accusing one another of not making compromise proposals, and the dispute has resurrected fears about the risk of doing business in Russia.

Putin's spokesman Dmitry Peskov said on Thursday it was up to the courts to decide on the new lawsuit.

The lawsuit was filed at the arbitration court of Russia's Bashkortostan region in relation to dividends paid by Bashneft in 2009-2014, when Sistema was its controlling shareholder.

Rosneft said it had "done everything it could" to reach a settlement, while Sistema said it welcomed any effort to try to end the dispute in a way that suited both parties.

Meanwhile, the state-owned Russian Direct Investment Fund (RDIF), which is mediating between the two parties, said it was "making every possible effort to get an amicable settlement in the near future".

(Additional reporting by Maria Kiselyova, Katya Golubkova and Denis Pinchuk; Writing by Andrew Osborn; Editing by Alexander Smith)

By Vladimir Soldatkin and Anastasia Teterevleva

Stocks treated in this article : NK Rosneft' PAO, AFK Sistema PAO, ANK Bashneft' PAO
Stocks mentioned in the article
ChangeLast1st jan.
AFK SISTEMA PAO --End-of-day quote.
ANK BASHNEFT' PAO --End-of-day quote.
NK ROSNEFT' PAO --End-of-day quote.
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on AFK SISTEMA PAO
10/10AFK SISTEMA : Agroholding Steppe, a Sistema company, to build major dairy farm i..
PU
10/08AFK SISTEMA : Sistema rating raised to ruA- by Expert RA
PU
10/05SISTEMA PJSFC : Information on a transaction under the MTS share buyback program..
AQ
10/03AFK SISTEMA : Information on a transaction under the MTS share buyback programme
PU
09/19AFK SISTEMA : Sistema, Russian Export Centre, Skolkovo Foundation and Enterprise..
PU
09/14AFK SISTEMA : Sistema, RDIF and Korean company Macrogen plan to jointly develop ..
PU
09/12AFK SISTEMA : Sistema, Medsi and RDIF sign agreement with South Korean biotechno..
PU
09/11AFK SISTEMA : Sistema, CapitalBio Technology and RCIF to create the largest inno..
PU
09/10AFK SISTEMA : Sistema announces decisions of the Board of Directors
PU
09/05SISTEMA PJSFC : Information on a transaction under the MTS share buyback program..
AQ
More news
Financials ($)
Sales 2018 12 339 M
EBIT 2018 1 819 M
Net income 2018 -
Debt 2018 7 585 M
Yield 2018 10,2%
P/E ratio 2018 -
P/E ratio 2019
EV / Sales 2018 0,71x
EV / Sales 2019 0,69x
Capitalization 1 227 M
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 3
Average target price 0,28 $
Spread / Average Target 118%
Managers
NameTitle
Andrei Anatolyevich Dubovskov President, Chief Executive Officer & Director
Vladimir Petrovich Evtushenkov Chairman
Vsevolod Valeryevich Rozanov Senior Vice President, Head-Finance & Investments
Vladimir Sergeyevich Travkov VP, Chief Financial & Investment Officer
Vladimir Semenovich Shukshin VP, Head-Information Technologies & Security
Sector and Competitors
1st jan.Capitalization (M$)
AFK SISTEMA PAO1 227
VERIZON COMMUNICATIONS1.51%222 959
NIPPON TELEGRAPH AND TELEPHONE CORP-5.53%82 837
DEUTSCHE TELEKOM-4.39%78 798
SAUDI TELECOM COMPANY SJSC--.--%42 338
ORANGE-5.80%42 187