Russian investigators are seeking 190billion rubles ($4.75billion) from arrested businessman Vladimir Evtushenkov’s AFK Sistema and an affiliated unit for “illegal” gains relating to oil producer OAO Bashneft.
Russian prosecutors objected to the claim, saying the investigators don’t have the right to advance such demands at an open hearing today in the Moscow arbitration court.
The prosecutors are seeking to nationalise shares in Bashneft, saying the regional oil producer was privatized without state consent before being bought by Evtushenkov’s AFK Sistema. The billionaire has been under house arrest since Sept. 16 on money laundering charges in connection with the acquisition of the assets.
Sistema’s legal team objected to the claims, saying the company bought Bashneft shares openly and in good faith. Sistema spent $2.6billion from 2005 to 2009 to gain control over Bashneft and refining and marketing assets in the Bashkortostan region.
Sistema shares fell 3.2% by 11:45am in Moscow narrowing a decline of as much as 10%; Bashneft dropped 0.8%.