RDIF welcomes settlement between Bashneft, Sistema, reached with its help
MOSCOW. Dec 22 (Interfax) - The Russian Direct Investment Fund (RDIF) said it welcomed the out-of-court settlement reached between AFK Sistema (MOEX: AFKS) and Bashneft (MOEX: BANE).
"The compromise, reached in the interests of both parties, is a positive signal for the market as a whole and serves the establishment of a favorable investment climate in Russia. We are grateful to the parties for the confidence they placed in the RDIF in the course of negotiations," the Fund said.
Bashneft and Rosneft on December 7 filed a suit with the Bashkortostan Arbitration Court claiming 131.638 billion rubles losses from AFK Sistema and Sistema-Invest.
The RDIF on November 29 received a mandate from Bashneft to facilitate an out-of-court settlement on the lawsuit to recover losses from AFK Sistema (MOEX: AFKS) Sistema in favor of the oil company filed with the Bashkortostan suit, the Fund said earlier.