TeliaSonera launches new suit against Cukurova

22 Aug 2005

TeliaSonera has begun litigation at the International Chamber of Commerce’s (ICC) International Court of Arbitration against Turkish holding company Cukurova. TeliaSonera claims that Cukurova breached a shareholders agreement by selling shares in Turkcell to Russian powerhouse Alfa without giving it (TeliaSonera) first right of refusal. Cukurova originally agreed to sell 27% of Turkcell to the Nordic group in March for USD3.1 billion; two months later however it reneged on the agreement and announced a ‘financing deal’ with Alfa worth USD3.3 billion, which includes the sale of a 13% stake.

Turkey, Telia Company, Turkcell