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Court Gives Billionaire's Bashneft Stake To Russian Government


Vladimir Yevtushenkov is one of Russia's richest businessmen, with assets estimated to be worth some $9 billion.

Vladimir Yevtushenkov is one of Russia's richest businessmen, with assets estimated to be worth some $9 billion.

A Moscow court has ordered the nationalization of a stake in an oil company owned by a detained tycoon.

The Moscow Arbitration Court ruled on October 30 that the stake in Bashneft held by billionaire Vladimir Yevtushenkov's holding company, Sistema, would be returned to the state.

Prosecutors claimed the stake was illegally privatized by officials in Russia's Bashkortostan region.

The court said new claims could be filed after the worth of Sistema's stake in Bashneft was ascertained.

Yevtushenkov was arrested last month on charges of money laundering related to the acquisition of Bashneft.

His arrested sparked speculation that Russia's largest oil company, state-run Rosneft, would acquire Sistema's Bashneft shares.

Yevtushenkov is one of Russia's richest businessmen, with assets estimated to be worth some $9 billion.

Based on reporting by AFP, rapsinews.ru, and Interfax
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