IPOC drops MegaFon challenge

5 Mar 2007

The Bermuda-based investment group IPOC International Growth Fund has dropped a legal claim for a 25.1% stake in Russia’s third largest cellular operator, MegaFon. IPOC had claimed that it had a pre-emptive right to a 25.1% stake in MegaFon that was sold to Alfa Group in 2004. IPOC retains an 8% stake in the cellco, while the other main shareholders are Telecominvest, with a 31.3% share, and TeliaSonera, with 34.1%.

Russia, MegaFon