By Carlo Martuscelli 
 

Sistema JSFC (SSA.LN) said on Wednesday that it had settled a case with Rosneft Oil Co. (ROSN.MZ), Bashneft (BANE.MZ) and the Ministry of Land and Property Relations of the Republic of Bashkortostan regarding alleged asset stripping.

The Russian conglomerate said that claims totaling 131.6 billion rubles ($2.28 billion) filed against it had been withdrawn and the proceedings terminated.

The announcement comes after Sistema said on March 5 that it had made a final payment of RUB40 billion under the terms of its settlement agreement with Bashneft, thus meeting all of its financial obligations. The total payment made to the Russian oil-and-gas company by Sistema as part of the settlement was RUB100 billion.

Under the terms of the agreement, all parties waived their respective claims against each other.

The settled case centered around alleged asset stripping of Bashneft--now owned by Rosneft--performed by Sistema while the company was under its ownership, leaving it unable to operate.

Sistema disputed this account and counter-sued two Russian oil companies. It maintained that it was restructuring Bashneft and preparing it for an initial public offering.

Write to Carlo Martuscelli at carlo.martuscelli@dowjones.com

(END) Dow Jones Newswires

March 21, 2018 12:13 ET (16:13 GMT)

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