The state produces oil from Sistema: court deprives company of controlling stake in Bashneft

Just over a month AFK Sistema lost its main asset - the controlling stake in Bashneft. Yesterday, the court at the suit of the General Prosecutor’s Office decided to withdraw 81.7% of the oil company’s shares from AFK Sistema and its subsidiary Sistema-Invest in favour of the Russian Federation. AFK has the right to appeal, but the Kommersant’s sources close to the situation, are confident that it is futile: in any case, Bashneft will be given to the state. Nevertheless, yesterday the General Prosecutor’s Office didn’t demand to recover 190 billion rubles of dividends, received in 2009, from AFK Sistema. Against the background of this news, the price of AFK’s shares increased by 11.9% yesterday.