Kyivstar financial reporting legal obstacles removed

29 Nov 2007

Russian firm Altimo, the telecoms division of the Alfa conglomerate, has withdrawn three lawsuits against Norway’s Telenor, its fellow shareholder in Kyivstar, which were preventing the Ukrainian cellco from reporting its financial performance. Telenor, Kyivstar’s largest stakeholder, responded to the news by saying that the move had removed the legal obstacles in the way of financial reporting, but added that Kyivstar’s results cannot yet be reconsolidated with the Telenor group as other infringements of corporate management remain in place. Specifically, shareholder meetings and election of a board of directors have both been suspended indefinitely as Altimo continues to boycott Kyivstar’s boardroom; the Russian contingent once again failed to attend the most recent meeting scheduled for 23 November.

Ukraine, Kyivstar, Telenor Group