Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

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We store and use information you provide as follows:

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We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email in the first instance.

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JSFC Sistema (SSA)

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Thursday 13 November, 2008

JSFC Sistema



JSFC Sistema


Sistema (LSE:SSA), the largest public diversified corporation in Russia and the CIS, which manages fast growing companies operating in the consumer services sector, today announced that Sistema Invest, a subsidiary of Sistema, has signed a number of agreements with the majority shareholders of Bashkir Oil and Energy Group (Group). The Group includes ANK Bashneft JSC, Ufaorgsintez JSC, Bashkirnefteproduct JSC, Ufimsky NPZ JSC, Novoil JSC and Ufaneftekhim JSC.

According to the agreements, Sistema Invest will act as a management company in respect of the following companies Agidel-Invest LLC, Inzer-Invest LLC, Ural-Invest LLC and Yuryuzan-Invest LLC which own a majority stake in the Group.

Sistema, the majority shareholders and the management of the Groups companies will undertake a number of measures concerning corporate governance, including:

  • Improving levels of transparency through the implementation of common accounting standards and the standardization of business processes, the increase of disclosure around the Groups strategic decisions and the strengthening of communications between the Groups management and the investment community.
  • Increasing the Groups production efficiency and optimising the cost structure. Each of the Groups companies will form a Management Board and include representatives from Sistema.
  • Enhancing the overall attractiveness of the Group for investors by developing the corporate governance mechanisms and providing broader access to capital markets, both domestically and internationally. The agreements will increase the powers of the Boards of Directors of the Groups companies such as the approval of development strategies, investment programmes and budgets; the preliminary approval of transactions with a total value between 10% and 25% of each of the Groups companies total assets. Furthermore, audit and finance and investment committees will be established at Board level. The representatives of Sistema Invest and Sistema will sit on the Boards of Directors of each company of the Group.


For further information, please visit or contact:

Sistema Investor Relations   Shared Value Limited
Pavel Kim Larisa Kogut-Millings
Tel: +7 495 692 22 88 Tel: +44 (0) 20 7321 5010

Note to editors:

Sistema became a minority shareholder of the Bashkir Oil and Energy Group in 2005. Sistema owns directly and through its subsidiary, Sistema Invest, between 25% and 29% of the voting shares in each of the six oil companies. The controlling stake in these companies (between 51% and 65%) belongs to Agidel-Invest LLC, Inzer-Invest LLC, Ural-Invest LLC and Yuryuzan-Invest LLC. The Bashkir Oil and Energy Group ranks eleventh by oil production in Russia and fourth by its reserves. The Groups revenues amounted to RUB 159 billion in 2007 according to RAS. The Group generated a net profit of RUB 26 billion in 2007.

Sistema is the largest public diversified corporation in Russia and the CIS, which manages fast growing companies operating in the consumer services sector and has over 100 million customers. Sistema develops and manages market-leading businesses in selected service-based industries, including telecommunications, technology, banking, real estate, retail, media, tourism and healthcare. Founded in 1993, the company reported unaudited revenues of US$ 4.3 billion for the second quarter of 2008, and total assets of US$ 32.7 billion as at June 30, 2008. Sistemas shares are listed under the symbol SSA on the London Stock Exchange, under the symbol AFKS on the Russian Trading System (RTS), under the symbol AFKC on the Moscow Interbank Currency Exchange (MICEX), and under the symbol SIST on the Moscow Stock Exchange (MSE).

Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of Sistema. You can identify forward looking statements by terms such as expect, believe, anticipate, estimate, intend, will, could, may or might the negative of such terms or other similar expressions. We wish to caution you that these statements are only predictions and that actual events or results may differ materially. In addition, there is no assurance that the new contracts entered into by our subsidiaries referenced above will be completed on the terms contained therein or at all. We do not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, general economic conditions, our competitive environment, risks associated with operating in Russia, rapid technological and market change in our industries, as well as many other risks specifically related to Sistema and its operations.

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