Vimpelcom 2007 budget blow

15 Dec 2006

The board of Vimpelcom, Russia’s second largest cellular operator, has failed to approve the firm’s budget for 2007 due to disagreements over its strategy in Ukraine. Eight of the nine board members must approve the proposed budget before it can be put in place, Prime Tass reports; it is not known how many directors voted against the 2007 plan. This is the second year in a row that Vimpelcom’s board has been unable to reach a consensus on its financial strategy, with the 2006 budget also failing to win approval. The cellco will operate within the parameters of the proposed consolidated budget for 2007.

Russia, Beeline (Russia), VEON