IPOC cleared to attend hearing

14 Dec 2006

A court in Bermuda has ruled that locally based investment fund IPOC International should be allowed to participate in court hearings in New York through which IPOC is seeking USD150 million compensation from the Russian industrial group Alfa. Prime Tass reports that Alfa had been attempting to get IPOC barred from the proceedings. The New York lawsuit, which was filed in June, is part of IPOC’s legal battle to gain control of a 25.1% stake in Russia’s third largest mobile operator MegaFon. Alfa acquired the stake from LV Finance in August 2003 but IPOC claims that as an existing shareholder it should have been given first option of buying the shares. IPOC has an 8% stake in MegaFon.

Russia, MegaFon