On Thursday held a preliminary hearing on the lawsuit to the Prosecutor General’s Office “System” and “System-Invest”, she needs to recover to the state of their shares “Bashneft” (81.67%). The representative of the Prosecutor General’s Office Julia Malyshev court stated that “Bashneft” is a state property, but was sold to the authorities of Bashkiria [in 2003] without the permission of the federal government of Russia. Therefore, the shares of the oil company to be returned to federal ownership. Representative of the “System” opposed the claim.
During the meeting, the representative of the Investigative Committee, which in April filed a criminal on the legalization of proceeds from crime and embezzlement in the sale of the “System” Bashkir fuel and energy enterprises in 2009, asked to draw in the UK the third-party process, submitting an independent claims. Without waiting for the judge’s decision, he immediately filed a motion – for the recovery to the state 190 billion rubles. ($ 4.75 billion at the exchange rate on Thursday), which, according to him, received as a dividend on shares of “Bashneft”, “System” and “Sistema-Invest” in 2009-2013: “System” – 142.5 billion rubles . “Sistema-Invest” – 47.5 billion rubles. In accordance with Art. 33 of the Civil Code provides for the right of the owner in the taking of property from illegal possession also require the person to return or compensation of all income that a person has learned or should have been removed, the investigator said. But the Prosecutor General’s Office and other stakeholders opposed the involvement of the UK in the process, and the judge dismissed his claim.
After the meeting, Malyshev told reporters that while the Prosecutor General requirements remain the same (to recover the shares without dividend). But at any time the agency may increase their demands.
Location 190 billion rubles?
In its application the investigator relied on ” information, annual reports “Bashneft”. But, according to “Bashneft”, in 2009-2013, the company paid to all shareholders only 179 billion rubles. According to the materials of the most AFK “Sistema”, she received from the “Bashneft” for five years, only $ 3.8 billion (152 billion rubles. At current exchange rate). The amount specified IC may be overstated, says analyst Sergei Vasin Gazprombank. The official representative of “System” is not commenting.
How to pay?
In the event that the State still require ” system “to compensate for 190 billion rubles. equity corporation is not enough. By the end of the first half of 2014, the cash position (cash, deposits and liquid investments) AFC was $ 947 million. The total debt of the corporation amounted to about $ 1.8 billion, of which $ 618 million it must repay to the end 2014 and another $ 296 million in 2015.
The dividend from the “daughters” of “System” is also not enough, the analyst said, “The opening of Capital” Alexander Vengranovich. At the request of the Prosecutor General all new dividends received from “Bashneft”, should be deposited in a special account. MTS (in “System” 51.46%) in the first half of the shareholders will pay 12.8 billion rubles., On the AFC will have about 6.6 billion rubles. And by the end of 2014-2015, the company will pay to the shareholders not less than 90 billion rubles., Ie “System” can count on the 46 billion rubles. ($ 1.15 billion) over two years. On the conference call for the second quarter President “System” Shamolin said that dividends from other “daughters” in 2014 will exceed $ 100 million, and about the same – in the next year.
In the end, ” system “will have to borrow money in the market or to sell part of stake in MTS (Thursday its package cost on the New York Stock Exchange $ 7.6 billion), concludes Vengranovich. Funds may be held under the same shares of MTS, as well as through the sale of non-public assets, such as shares in the “Children’s World” and “SG-Trans.” However, analysts have previously “Opening Capital” and “Uralsib Capital” evaluated all non-public assets “systems” of $ 2 billion.
While this is a hypothetical scenario, agreed Vengranovich. And even in the case of recovery of 190 billion rubles. catastrophic consequences for the “System” is not, technically she has the opportunity to gain time and to find the money adds Vasin.
However, over time as the time can be difficult. Prosecutor General’s lawsuit was filed on September 24, two weeks later scheduled a preliminary hearing, and already October 23 – the hearing on the merits. Given the legal complexity of the case, the court may consider it six months, so it raises questions why the court takes such zeal, says partner King & amp; Spalding Ilya crustaceans. Pace proceedings can be completed within three months from the date of filing a lawsuit, warns crustaceans. But the formal terms of the case had not been violated, and the law of the court had the right to appoint a hearing within two weeks.
In the worst-case outcome for shareholders “Systems” will be able to complain about the violation of property rights in the European Court of Human man, as did Yukos shareholders (in the summer it was awarded a record compensation – about $ 2 billion), notices crustaceans.
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