Federal service of judicial police officers to put on sale VimpelCom shares
Russia's federal service of judicial police officers will put on sale VimpelCom cellular operator's(Beeline trademark) holding of shares. In all, 15 million 338 thousand (26,6 %) stocks will be put up to auction. The average price totals some $263 for each stock.
Last summer Farimex initiated a court proceeding against Telenor, VimpelCom and Altimo in a distant court of Khanty-Mansiysk in Western Siberia, Russian Federation. Farimex accused the three companies of having caused losses to VimpelCom by delaying VimpelCom's acquisition of URS. The Khanty-Mansiysk court held Telenor solely liable for VimpelCom's alleged late entry into the Ukrainian mobile market and ordered Telenor to pay VimpelCom USD 2.8 billion in damages. This decision was cancelled by the Omsk court on 29 December 2008. However, on 20 February 2009 the court ruled to hold Telenor liable for USD1.7 billion. The court gave Farimex a writ of execution to claim the amount that resulted in arrest of all Telenor shares in VimpelCom on 11 March 2009. Telenor has appealed the decision of the Omsk court and the appeal will be heard in Tyumen in Western Siberia on 26 May 2009.
Telenor contends it's the victim of a pressure campaign by the Alfa Group, a powerful oil-to-banking conglomerate controlled by a group of Russian billionaires. Alfa charges that Telenor has put its interests ahead of those of the local telecoms companies they both own stakes in - Russia's OAO Vimpel Communications and Kyivstar in Ukraine.
Alfa is seeking a negotiated settlement, most likely involving a merger of the Russian and Ukrainian holdings into a company jointly controlled by Alfa and Telenor, according to people close to the group. Embittered after five years of battling its Russian partners, Telenor is more inclined to split the holdings, though would consider other options, officials say. The two sides are in contact regularly though it's not clear whether or when any deal might come.
Telenor and Alfa have been fighting in courts in Russia, Europe and the U.S. since 2005.
As a PanARMENIAN.Net reporter was told in the press office of ArmenTel (VimpelCom's branch), the decision will not affect the company's activities in the republic. "The activities of companies included in VimpelCom group are not dependent on relations between shareholders," the press office said.
Last summer Farimex initiated a court proceeding against Telenor, VimpelCom and Altimo in a distant court of Khanty-Mansiysk in Western Siberia, Russian Federation. Farimex accused the three companies of having caused losses to VimpelCom by delaying VimpelCom's acquisition of URS. The Khanty-Mansiysk court held Telenor solely liable for VimpelCom's alleged late entry into the Ukrainian mobile market and ordered Telenor to pay VimpelCom USD 2.8 billion in damages. This decision was cancelled by the Omsk court on 29 December 2008. However, on 20 February 2009 the court ruled to hold Telenor liable for USD1.7 billion. The court gave Farimex a writ of execution to claim the amount that resulted in arrest of all Telenor shares in VimpelCom on 11 March 2009. Telenor has appealed the decision of the Omsk court and the appeal will be heard in Tyumen in Western Siberia on 26 May 2009.
Telenor contends it's the victim of a pressure campaign by the Alfa Group, a powerful oil-to-banking conglomerate controlled by a group of Russian billionaires. Alfa charges that Telenor has put its interests ahead of those of the local telecoms companies they both own stakes in - Russia's OAO Vimpel Communications and Kyivstar in Ukraine.
Alfa is seeking a negotiated settlement, most likely involving a merger of the Russian and Ukrainian holdings into a company jointly controlled by Alfa and Telenor, according to people close to the group. Embittered after five years of battling its Russian partners, Telenor is more inclined to split the holdings, though would consider other options, officials say. The two sides are in contact regularly though it's not clear whether or when any deal might come.
Telenor and Alfa have been fighting in courts in Russia, Europe and the U.S. since 2005.
As a PanARMENIAN.Net reporter was told in the press office of ArmenTel (VimpelCom's branch), the decision will not affect the company's activities in the republic. "The activities of companies included in VimpelCom group are not dependent on relations between shareholders," the press office said.
