Ipoc International wins tribunal backing for Megafon purchase

26 Aug 2004

Bermuda-based mutual fund Ipoc International Growth Fund has welcomed a tribunal ruling that it should be allowed to take a 25% stake in Russian cellco Megafon. Ipoc is fighting Mikhail Fridman, the Russian oligarch and owner of the Alfa Group, over the 25%. Ipoc already has a 6% stake in Megafon and has links to Telecominvest, which owns a further 31%. It claims it is entitled to the 25% stake through option agreements made in April and December 2001, giving it permission to buy Transcontinental Mobile Investment, a Bahamas-based company that owns CT Mobile, a Russian company with a 25% stake in Megafon.

Russia, MegaFon