The investors are afraid of the appropriation of Bashneft

The management of AFK Systema could have unwillingly provoked the selling out of its shares last week. The President of AFK Systema, M. Shamolin said in his conversation to the investors that the worst variant of development of the events round Bashneft could be appropriation of the oil company and the dividends it had paid (the sum was 180 billion rubles in 2009–2013), a participant of the meeting and the persons acquainted with its content say. Mr. Shamolin rejects that he spoke about appropriation and claims that he gives ‘no comments about comments about him’.

Last Wednesday the volume of trading with the stocks of System AFK at MICEX increased to 609.7 million rubles compared to 94.6 million rubles a day before. Circulation of the stocks at LSE tripled. Within the latest year, high volumes were at MICEX only on June 16th and at several bidding sessions in H2 of July when they reported about arresting of the shareholding of System AFK in Bashneft at a rate of 84%.