Russian court upholds Vimpelcom’s ownership of URS for second time

27 Jun 2006

The Moscow Arbitration Court has ruled in favour of Russian cellco Vimpelcom in the second of three lawsuits filed by Norway’s Telenor aimed at invalidating Vimpelcom’s takeover of mobile operator Ukrainian Radio Systems (URS). Following a similar verdict on 15 May 2006, the court ruled against Telenor and upheld the validity of the September 2005 Vimpelcom shareholder vote approving the acquisition of URS. Telenor has already submitted an appeal of 15 May ruling.