Russia - 05

Russia: Sechin Alleges Fraud at Bashneft

Barely a week after Rosneft acquired a controlling stake in Bashneft from the Russian government, Rosneft CEO Igor Sechin suggested that multi-million-dollar fraud has been identified at the company. While visiting Ufa on 19 October to discuss Bashneft’s future with Bashkortostan’s head, Rustem Khamitov, Sechin announced that Bashneft’s service subsidiaries were divested in 2013 at only half their value, leaving a shortfall of about $60mn at the current exchange rate.


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