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AFK Sistema PAO is a large
Russia Russia (, , ), or the Russian Federation, is a List of transcontinental countries, transcontinental country spanning Eastern Europe and North Asia, Northern Asia. It is the List of countries and dependencies by area, largest country in the ...
n conglomerate company, founded by Vladimir Yevtushenkov, who was chairman of the corporation's board of directors until 2022. In April, Yevtushenkov's shareholding in Sistema has decreased to 49.2%, and he also stepped down from Sistema's board. Sistema has its headquarters in
Moscow Moscow ( , US chiefly ; rus, links=no, Москва, r=Moskva, p=mɐskˈva, a=Москва.ogg) is the capital and largest city of Russia. The city stands on the Moskva River in Central Russia, with a population estimated at 13.0 million ...
. The company's
global depository receipt A global depository receipt (GDR and sometimes spelled ''depositary'') is a general name for a depositary receipt where a certificate issued by a depository bank, which purchases shares of foreign companies, creates a security on a local excha ...
s (GDRs) are traded on the
London Stock Exchange London Stock Exchange (LSE) is a stock exchange in the City of London, England, United Kingdom. , the total market value of all companies trading on LSE was £3.9 trillion. Its current premises are situated in Paternoster Square close to St Pau ...
(
ticker symbol A ticker symbol or stock symbol is an abbreviation used to uniquely identify publicly traded shares of a particular stock on a particular stock market. In short, ticker symbols are arrangements of symbols or characters (generally Latin letters ...
).


History

In 1993,
Evgeny Novitsky Evgeny Grigorievich Novitsky (russian: Евге́ний Григо́рьевич Нови́цкий) is a Russian engineer and entrepreneur, former president of the large AFK Sistema conglomerate which holds many diversified businesses. He is al ...
and
Vladimir Yevtushenkov Vladimir Petrovich Yevtushenkov (russian: Владимир Петрович Евтушенков; born 25 September 1948) is a Russian billionaire business oligarch. He is the majority owner (49.2%) and former сhairman of Sistema. As a member ...
founded the holding company AFK Sistema, also known as Sistema JSFC, to group together several information technology (IT) and cell phone companies including MTS.


Structure

Sistema operates a number of consumer service businesses in the areas of: * IT and telecoms —
Mobile TeleSystems MTS (russian: Мобильные ТелеСистемы, МТС, "Mobile TeleSystems"), headquartered in Moscow, is the largest mobile network operator in Russia, operating on GSM, UMTS and LTE standards. Apart from cellular network, the compan ...
,
Moscow City Telephone Network The Moscow City Telephone Network ( ) is a publicly held utility providing local telephone service to over 4,000,000 subscribers in the city of Moscow, Russia. Its Latin acronym is MGTS. History Founded in 1882, the Bell Telephone Company built ...
, SkyLink,
Sitronics Sitronics (russian: Ситро́никс) is a microelectronics company based in Moscow, Russia and controlled by Sistema holding, that also manufactures mobile phones. Its main assets are the electronics fabs, research and development facilitie ...
(formerly known as 'Science Center Concern'), NIIME, Mikron, STROM telecom. * Banking — MTS Bank * E-commerce – Ozon * House-Building and Real Estate — Sistema-Gals till the end of 2010. In February 2019, Sistema became the largest shareholder of Etalon Group * Retail —
Detsky Mir Group Children's World (russian: «Де́тский мир») or Detsky Mir is a Russian children's retailer. Founded in June 1957, as of March 2022, the company had 1125 stores. It is the largest children's goods retailer in Russia and the Commonwealt ...
until September 2020 * Media — Sistema Mass Media until 2016 * Healthcare and Pharmaceuticals — Medsi,
Binnopharm AFK Sistema PAO is a large Russian conglomerate company, founded by Vladimir Yevtushenkov, who was chairman of the corporation's board of directors until 2022. In April, Yevtushenkov's shareholding in Sistema has decreased to 49.2%, and he also ...
* Agroholding - Steppe (russian: «Агрохолдинг Степь») which, according to
Forbes ''Forbes'' () is an American business magazine owned by Integrated Whale Media Investments and the Forbes family. Published eight times a year, it features articles on finance, industry, investing, and marketing topics. ''Forbes'' also re ...
in June 2019, is the second largest land bank in Russia. It has holdings in
Rostov Oblast Rostov Oblast ( rus, Росто́вская о́бласть, r=Rostovskaya oblast, p=rɐˈstofskəjə ˈobləsʲtʲ) is a federal subject of Russia (an oblast), located in the Southern Federal District. The oblast has an area of and a populati ...
and
Stavropol Krai Stavropol Krai (russian: Ставропо́льский край, r=Stavropolsky kray, p=stəvrɐˈpolʲskʲɪj kraj) is a federal subjects of Russia, federal subject (a Krais of Russia, krai) of Russia. It is geographically located in the North ...
. *Segezha Group, a leading vertically integrated holding company in the timber industry performing a full cycle of operations from logging to advanced wood processing *Hospitality – Cosmos Hotel Group *Other businesses —
Intourist Intourist (russian: Интурист, a contraction of , "foreign tourist") was a Russian tour operator, headquartered in Moscow. It was founded on April 12, 1929, and served as the primary travel agency for foreign tourists in the Soviet Uni ...
(Travel Services), until July 2021
RTI Systems RTI Systems (Radio Technical and Information Systems; russian: РТИ Системы) is one of the largest defense contractors in Russia, with revenues for $753.5 million in 2016. RTI develops and produces long-horizon radars, information tools, r ...
(Radio and space technology), Olympic Sistema (Sport) *Kronstadt Group until July 2021 *The corporation also invests in innovation projects, such as green hydrogen, and venture businesses. In November 2021, “Sistema” was included in “Khabarovsky Project” (in
Khabarovsk Krai Khabarovsk Krai ( rus, Хабаровский край, r=Khabarovsky kray, p=xɐˈbarəfskʲɪj kraj) is a federal subject (a krai) of Russia. It is geographically located in the Russian Far East and is a part of the Far Eastern Federal District ...
) for pilot production of green hydrogen with projected 350 thousand tons per year, according to
Ministry of Industry and Trade (Russia) The Ministry of Industry and Trade of the Russian Federation (Minpromtorg, MITRF, russian: links=no, Министерство промышленности и торговли Российской Федерации) is an executive ministry of Go ...
.


Interests and subsidiaries


Banking

In February 2005, AFK Sistema owned a 49% stake in East-West United Bank (Luxembourg), which was established in June 1974 as a "daughter" bank of the
Central Bank of Russia The Central Bank of the Russian Federation (CBR; ), doing business as the Bank of Russia (russian: Банк России}), is the central bank of the Russian Federation. The bank was established on July 13, 1990. The predecessor of the bank can ...
and is one of the five Russian foreign banks of the VTB network. In 2018, Sistema held a 100% stake in East-West United Bank (EWUB) with Sergei Pchelintsev (russian: Сергей Алексеевич Пчелинцев) as the CEO. Following the February and March 2022 sanctions issued against VTB and its subsidiaries which include the former daughter banks of the Soviet Union's State Bank
Gosbank Gosbank (russian: Госбанк, Государственный банк СССР, ''Gosudarstvenny bank SSSR''—the State Bank of the USSR) was the central bank of the Soviet Union and the only bank in the entire country from 1922 to 1991. ...
and later the
Central Bank of Russia The Central Bank of the Russian Federation (CBR; ), doing business as the Bank of Russia (russian: Банк России}), is the central bank of the Russian Federation. The bank was established on July 13, 1990. The predecessor of the bank can ...
, EWUB in Luxembourg has become the principal Russian overseas bank in Europe after
Gazprombank Gazprombank (russian: Газпромбанк), or GPB (JSC), is a private-owned Russian bank, the third largest bank in the country by assets. Since November 2014, Yuri Shamalov's Gazfond is its largest shareholder. The bank’s principal busine ...
's liquidation. As of the end of March 2022, the
Vladimir Yevtushenkov Vladimir Petrovich Yevtushenkov (russian: Владимир Петрович Евтушенков; born 25 September 1948) is a Russian billionaire business oligarch. He is the majority owner (49.2%) and former сhairman of Sistema. As a member ...
(russian: Владимир Петрович Евтушенков) controlled Sistema and its subsidiary East-West United Bank (EWUB) in Luxembourg have not been sanctioned due to
Russian invasion of Ukraine On 24 February 2022, in a major escalation of the Russo-Ukrainian War, which began in 2014. The invasion has resulted in tens of thousands of deaths on both sides. It has caused Europe's largest refugee crisis since World War II. An ...
. He is no longer controls Sistema after reducing his stake in the Corporation below control (49.2%), and voluntary resignation from its board of directors in April 2022.


Hotels

According to Arnold Tamm (Spivakovsky),; death March 2019, age 51), also known as ''Arnosha'', a member of the
Solntsevskaya Bratva The Solntsevskaya Organized Crime Group (russian: Солнцевская организованная преступная группировка), also known as the Solntsevskaya Bratva (russian: link=no, Солнцевская братва), is a ...
, was involved with finances and is the right hand man of Sergei Mikhailov also known as ''Mikhas''. Tamm's attorney was Dmitry Yakubovsky (russian: Дмитрий Якубовский) also known as "General Dima" (russian: "генерал Дима"). In the early 2000s, Tamm was a deputy director of the
Peking Hotel The Peking Hotel (russian: links=no, гостиница Пекин) is a building in Moscow which houses a four-star hotel and an office complex. The building, which was designed in the Stalinist classicism style, was constructed between 1939 and ...
and Oleg Voropaev (russian: Олег Воропаев) managed the Dolls club. Archived as "Газпромовские" круче "солнцевских": "Правая рука" Михася Арноша Спаваковский может не дожить до суда ("Gazpromovskie" is cooler than "Solntsevo": "Right hand" Mikhas Arnosh Spavakovsky may not live to see the trial). Gazpromgate which occurred before Alexei Miller became head of
Gazprom PJSC Gazprom ( rus, Газпром, , ɡɐzˈprom) is a Russian majority state-owned multinational energy corporation headquartered in the Lakhta Center in Saint Petersburg. As of 2019, with sales over $120 billion, it was ranked as the larges ...
in 2001, allegedly involved stolen money from the CEO Rem Vyakhirev (russian: Рэм Вяхирев) led Gazprom and was laundered through the Union Development Bank (russian: Союзный Банк Развития), which Evgeny Suvorov (russian: Евгений Суворов) was a vice president and was also a member of the Dolls club, using Motor Technology JSC (russian: АО "Технология моторов") in which Gazprom owned a 49% stake. In September 2017, Tamm was arrested in
Marbella Marbella ( , , ) is a city and municipality in southern Spain, belonging to the province of Málaga in the autonomous community of Andalusia. It is part of the Costa del Sol and is the headquarters of the Association of Municipalities of the r ...
,
Spain , image_flag = Bandera de España.svg , image_coat = Escudo de España (mazonado).svg , national_motto = ''Plus ultra'' (Latin)(English: "Further Beyond") , national_anthem = (English: "Royal March") , i ...
, during the Spanish operation ''Oligarch'' ( es, operación Oligarca) under suspicion of tax evasion, money laundering, and involvement in the activities of the Solntsevskaya organized crime group.Alternate archive
/ref> Arnold Spivakovsky was the son of Arnold Tamm, who was a writer and Estonian translator of Russian materials, obtained his lastname ''Spivakovsky'' from a former wife, and had a civil marriage with
Lolita Milyavskaya Lolita Markovna Milyavskaya (russian: Лоли́та Ма́рковна Миля́вская, née Горелик (Gorelik); uk, Лоліта Марківна Мілявська; born 14 November 1963) is a Russian singer, actress, TV and film d ...
. both the
Peking Hotel The Peking Hotel (russian: links=no, гостиница Пекин) is a building in Moscow which houses a four-star hotel and an office complex. The building, which was designed in the Stalinist classicism style, was constructed between 1939 and ...
at Bol'shaya Sadovaya Ulitsa, 5 in Moscow, where Oleg Kuznetsov (russian: Олег Кузнецов) was the administrator from 2002 to 2016, and the
Cosmos Hotel The Cosmos Hotel is located in north-central Moscow in a green zone on one of the city's major streets, Mira Avenue, 20 minutes drive from the city centre. It is located next to the VDNKh exhibition center, close to Ostankino Telecom Tower, the ...
at 150 Mira Avenue in Moscow, are owned by Sistema.


Aerospace and defence

Until July 2021 AFK Sistema PAO had an aerospace and defence subsidiary, Kronstadt Group, which was acquired in 2015 and developed unmanned aerial vehicles, and flight simulators. AFK Sistema no longer controls any assets related to the defense industry.


Bashneft interest seizure and Rosneft lawsuit

In 2014, 72% of Sistema's interest in Bashneft was seized by the Russian government. On May 3, 2017, Sistema shares plunged about 37% following a $1.9 billion lawsuit filed by
Rosneft PJSC Rosneft Oil Company ( stylized as ROSNEFT) is a Russian Vertical integration, integrated energy company headquartered in Moscow. Rosneft specializes in the exploration, Extraction of petroleum, extraction, production, refining, Petroleum t ...
. On 15 May 2017, the Arbitration Court of
Bashkortostan The Republic of Bashkortostan or Bashkortostan ( ba, Башҡортостан Республикаһы, Bashqortostan Respublikahy; russian: Республика Башкортостан, Respublika Bashkortostan),; russian: Респу́блик ...
registered a RUB 106.6bn claim filed by
Rosneft PJSC Rosneft Oil Company ( stylized as ROSNEFT) is a Russian Vertical integration, integrated energy company headquartered in Moscow. Rosneft specializes in the exploration, Extraction of petroleum, extraction, production, refining, Petroleum t ...
and Bashneft against Sistema, a preliminary hearing of the case was scheduled for 6 June, Irina Nurislamova was appointed as a judge for the case. In December 2017, AFK Sistema reached an amicable agreement with Rosneft and agreed to pay out 100 billion roubles ($1.7 billion) to resolve the dispute. According to a declaration given on 18 October 2018 in Spanish court by Sergey Dozhdev (russian: Сергей Дождев),
Igor Sechin Igor Ivanovich Sechin (russian: И́горь Ива́нович Се́чин; born 7 September 1960) is a Russian oligarch and a government official, considered a close ally and "de facto deputy" of Vladimir Putin. Sechin has been a confidant ...
uses his offshore companies to control Sistema through MTS and Bashneft.) stated "The real Russian mafia is those who rule the world. In particular, it includes Igor Sechin, a man who took over Sistema through Bashneft and MTS using his offshore companies. The Rotenberg brothers, who control the Platon Company, are in the mafia too. 75 percent of Platon belongs to offshore companies, which the Rotenbergs use to siphon off money to Europe. Arnold Tamm used to co-own Sistema. However, he had a disagreement with the Rotenberg brothers, and Herman Gref ceased the refinancing of loans through his son Arkady. The company incurred artificial liabilities, and Sechin bought it at a low price through offshore companies."


Management

On 27 June 2020,
Etienne Schneider Etienne Schneider (; born 29 January 1971) is a Luxembourg politician and economist of the Luxembourg Socialist Workers' Party (LSAP). He was a municipal councillor in Kayl from 1995 to 2005, and from 1997 to 2004, he was secretary general of the ...
became an independent director of Sistema at which his close political friend
Jeannot Krecké Jeannot Krecké (born 26 April 1950 in Luxembourg City) is a Luxembourgish politician of the Luxembourg Socialist Workers' Party. He is a former Luxembourgian football (soccer) player. Football career Krecké played football as a midfielder, a ...
has been a director at Sistema since May 2012.


Notes


References


External links


Sistema website

Google Finance: Sistema
{{Authority control Conglomerate companies of Russia Companies based in Moscow Companies established in 1993 Holding companies established in 1993 1993 establishments in Russia Companies listed on the Moscow Exchange Companies listed on the London Stock Exchange