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Moscow court sends back Rosneft lawsuit vs Sistema; Sistema shares rise
May 10, 2017 / 2:10 PM / in 7 months

Moscow court sends back Rosneft lawsuit vs Sistema; Sistema shares rise

MOSCOW, May 10 (Reuters) - Moscow’s Arbitration Court on Wednesday sent back a lawsuit filed by oil major Rosneft against business conglomerate Sistema concerning Rosneft’s purchase of oil producer Bashneft .

The decision to send back the claim sent Sistema’s shares sharply higher.

Sistema said the court’s position reflected its point of view that Rosneft’s claims were groundless.

A Rosneft spokesman said the court had sent back the lawsuit because it believed it was not the appropriate court to hear the claim.

He said Rosneft expected a court in Ufa to consider its claim against Sistema instead.

Sistema shares plunged last week after Rosneft filed the $1.9 billion lawsuit against Sistema, saying that assets had been removed from Bashneft when it was owned by Sistema.

Rosneft bought Bashneft last year. (Reporting by Anastasia Lyrchikova, Polina Devitt, Anastasia Teterevleva and Vladimir Soldatkin; Writing by Alexander Winning; Editing by Andrew Osborn)

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