"System" will pay Rosneft 136.3 billion rubles

The company of Vladimir Yevtushenkov lost an appeal in a lawsuit about Bashneft. Now she will have to pay. How?

Photo: kremlin.ru

AFK "System" lost an appeal at the claim "Rosneft" and "Bashneft" for 136.3 billion rubles. Now the corporation Vladimir Yevtushenkov is obliged to pay this amount, even if he continues to sue higher authorities. After the announcement of the decision of the “System” shares, they collapsed by 18%, updating the minimum since December 2014. The Bell said the corporation will dispute this decision.

What did the court decide?

• We are talking about the first claim of oil companies against the “system” filed in May 2017. Initially, the amount of claims amounted to 170.6 billion rubles, but the court reduced it to 136.3 billion rubles. AFC is accused of withdrawing assets from Bashneft in 2014, before the nationalization of the company, which then went to Rosneft.
• This is only the first of the three lawsuits against the “system” on Bashneft, the total amount of claims - 399.5 billion. The second Rosneft and Bashneft filed on December 7, they demand to recover 131.6 billion rubles of dividends received from Bashneft from 2009 to 2013. The third, another 131.6 billion rubles, was filed on December 12 by the Ministry of Property of Bashkiria.
• On December 8, the Sistema itself filed a counterclaim for compensation for damage to 330.5 billion rubles to Rosneft and Bashneft, accusing the company of attempts to “unjust enrichment” and “Corporation to bankruptcy”. The essence of the claims was not indicated.
• The court arrested the assets of the "system" on both claims of oil companies. Under arrest, including 31.7% of MTS, as well as control packages of shares of Children's World, MTS Bank, the Medsi clinics and the agricultural holding of the steppe. According to the “system”, the total amount of the arrested assets is 260 billion rubles, the “Vedomosti” wrote about 211.9 billion rubles.

Will the "system" be able to pay?

• No matter how the rest of the trials end, the decision on the claim for 136.3 billion entered into force, and now the “system” will have to pay for it. AFC has already promised to execute the court decision. The judge has up to five working days to make a written copy of the decision, after which the company will have another five working days to fulfill the court decision, the representative of the AFC Sistema Sergey Kopytov specified The Bell.
• AFC can pay off with Rosneft, having been caused by security assets, but almost all of them are arrested - in order to defrost them, the company will need to preliminarily agree with the banks. A source close to the company says that it will be necessary to submit a bank guarantee to the court to provide funds to pay off claims, but there is no agreement with one of the banks-does not specify. According to him, the company has quite high -quality assets to attract funding.
• Of the large assets of the “system” is not under arrest and not in pledge of 19.35% of MTS shares. The market value of this package is now about 98 billion rubles. Also free from encumbrances are not the largest assets of AFC - for example, the pharmaceutical company Binnopharm and the manufacturer of clothing Concept Group.
• If the “system” agrees on lending secured by assets, on interest on a new debt up to 140 billion rubles, AFC will spend about 20 billion rubles a year and will be able to cope with this load, said Raiffeisenbank analyst Sergei Libin. The company will have to sell the assets only if it loses the second court of Rosneft - otherwise she will have to spend all free cash flow on the payment of loans, Libin said.

Artem Gubenko, The Bell