Sistems chiarman released from house arrest

Chairman of the diversified Russian business conglomerate Sistema was today released from house arrest, the firm's Indian arm said.
Vladimir Evtushenkov, who is also a major shareholder in the diversified holding Group, had been placed under house arrest in Moscow on Tuesday on alleged money-laundering charges.
When contacted, a spokesperson of MTS India, the mobile telecom service brand of Sistema Shyam Teleservices Ltd (SSTL), confirmed the release of the Chairman of the Board of Directors.
In a statement on Tuesday, Sistema has said: "Sistema JSFC notes that on September 16, its major shareholder and Chairman of its Board of Directors, Vladimir Evtushenkov, has been charged with legalisation of shares of BashTEK group."

It further said: "Sistema's management believes that the acquisition of BashTEK group was legal and transparent. The company is fully cooperating with the investigation and intends to use all legal means to defend its position."
Sistems, which is among Russia's top 10 firms in revenue terms, has stakes in sectors like telecommunications, oil, utilities, consumer, high tech and others. Sistema is the controlling shareholder in most of its investments.
Earlier this week, the proposal of SSTL to raise foreign stake holding in the company beyond the current 74 per cent was rejected by the FIPB. The company has not specified the extent to which the foreign holding would be raised.

Russian conglomerate Sistema JSFC holds 56.68 per cent in SSTL, Russian government 17.14 per cent and 0.13 per cent other foreign entities.