Telenor gets Supreme Court backing in Vimpelcom boardroom battle

19 Apr 2005

The Russian Supreme Court has intervened in the Vimpelcom boardroom face-off between major shareholders Telenor of Norway and domestic conglomerate the Alfa Group. Telenor appealed to the court to overturn the ruling by a regional court that scrapped the requirement for 80% of Vimpelcom shareholders to back any board decisions, removing the Nordic group’s ability to veto any proposals made by Alfa. Telenor’s appeal was hastened by Alfa’s plans for Vimpelcom to purchase Ukrainian cellco WellCOM, a proposal it claims has ‘no business merit’. Now the Supreme Court has acknowledged Telenor’s concerns and suspended the regional court decision whilst it takes the matter into its own hands, ensuring that no deal for WellCOM can be rushed through.

Russia, Beeline (Russia), Telenor Group, VEON