December 9, 2014 / 6:31 PM / 5 years ago

Russia's Sistema says transfers Bashneft shares to state

MOSCOW, Dec 9 (Reuters) - Russian conglomerate Sistema has transferred its ownership in mid-sized oil producer Bashneft to the state to comply with a court ruling, which at the time caused an outcry in the Russian business community.

Sistema said on Monday it had moved the Bashneft shares to the Federal Property Management Agency (Rosimuschestvo) following Moscow’s Arbitration Court ruling in late October.

Sistema’s shares in Bashneft, a key source of dividends for the group, were confiscated in September, after a court found irregularities in the energy firm’s privatisation following the collapse of the Soviet Union.

Sistema’s chairman Vladimir Yevtushenkov was put under house arrest for alleged money laundering in the $2.5 billion deal that saw his conglomerate take control of Bashneft in 2009 - a fresh blow to Russia’s investment climate.

Sistema directly owned almost 72 percent of Bashneft’s voting shares and had an overall stake of 86.7 percent. (Reporting by Vladimir Soldatkin, editing by David Evans)

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