Sigma wins court backing

25 Aug 2006

A Russian court has upheld an earlier court decision which said the Sigma investment group does have the right to buy a 20% minus one share stake in the mobile operator SMARTS. Prime Tass reports that the stake was sold by minority shareholders in August last year to Marshall Telecom Investments, a firm controlled by SMARTS director Gennady Kiryushin. The deal was valued at USD44.1 million. However, Sigma said that as an existing shareholder it should have been offered first refusal on the stake. The latest decision from an arbitration court in Moscow follows an earlier ruling by the St. Petersburg and Leningrad Region Arbitration Court, which also ruled in Sigma’s favour.

Russia, SMARTS Group