29th Dec 2014 07:00
SISTEMA FILES CLAIM AGAINST URAL-INVEST
Moscow, Russia – December 29, 2014 – Sistema JSFC (“Sistema”) (LSE: SSA) announces that following a decision by its Board of Directors, at the meeting on November 12, 2014, it has filed a claim with the Arbitrazh (Commercial) Court of the City of Moscow for the recovery of damages from LLC Ural-Invest, as a result of the seizure of the JSOC Bashneft shares (the “Bashneft Shares”). Sistema, as a good faith buyer, intends to seek compensation for losses from the counterparties, and/or their legal successors, which sold the Bashneft Shares to Sistema and CJSC Sistema-Invest.
The claim was filed following the enforcement of the ruling by the Arbitrazh (Commercial) Court of the City of Moscow, dated November 7, 2014, that the Bashneft Shares owned by Sistema and Sistema-Invest should be returned to the Russian Federation.
Sistema will update the market as appropriate.
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For further information, please visit www.sistema.com or contact:
| Investor Relations Evgeniy Chuikov Tel: +7 (495) 692 11 00 | Public Relations Sergey Kopytov Tel.: +7 (495) 228 15 27 | |||||
Sistema is the publicly-traded diversified holding company in Russia and the CIS, which invests in and is a major shareholder of companies serving over 100 million customers in the sectors of telecommunications, high technology, energy, radars and aerospace, banking, retail, mass-media, tourism and healthcare services. Founded in 1993, the Company reported revenues of US$ 8.9 billion for the third quarter of 2014, and total assets of US$ 40.0 billion as at September 30, 2014. Sistema’s global depository receipts are listed under the symbol “SSA” on the London Stock Exchange. Sistema’s ordinary shares are listed under the symbol “AFKS” on the Moscow Exchange. Sistema was ranked number 308 in the 2013 edition of the Fortune Global 500 list. Website: www.sistema.com
The Company is not an investment company, and is not and will not be registered as such, under the U.S. Investment Company Act of 1940.
Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of Sistema. You can identify forward looking statements by terms such as “expect,” “believe,” “anticipate,” “estimate,” “intend,” “will,” “could,” “may” or “might” the negative of such terms or other similar expressions. We wish to caution you that these statements are only predictions and that actual events or results may differ materially. In addition, there is no assurance that the new contracts entered into by our subsidiaries referenced above will be completed on the terms contained therein or at all. We do not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, general economic conditions, our competitive environment, risks associated with operating in Russia, rapid technological and market change in our industries, as well as many other risks specifically related to Sistema and its operations.
Copyright Business Wire 2014
Related Shares:
SSA.L