Sigma has no claim to SMARTS stake

14 Feb 2007

A Russian arbitration court has ruled that the Sigma investment group has no right to a 20%-minus-one-share stake in regional cellular operator SMARTS. Prime Tass reports that the court in St. Petersburg says the shares are the property of Konstantin Kiryushin, son of SMARTS’ chairman Gennady Kiryushin. The SMARTS chairman acquired the stake from minority partners in August 2005, but Sigma argued that as an existing shareholder it should have been given the option to buy the shares. Sigma has a 0.125% interest in SMARTS, which claims around 3.6 million subscribers in Russia’s Volga region.

Russia, SMARTS Group