IPOC and Rozhetskin end lawsuit

21 May 2008

Representatives of IPOC International Growth Fund and Leonid Rozhetskin have issued a statement relating to their long-running legal battle over the ownership of a stake in Russia’s number three cellular operator, MegaFon. The statement reads: ‘The litigation between IPOC and Leonid Rozhetskin relating to the disputed stake in MegaFon has, by agreement, been brought to an end. Both sides have agreed to withdraw all claims and proceedings filed against each other throughout the world without any admission of liability. Both sides abandon and withdraw all allegations of wrongdoing filed or issued against the other.’ The parties reached a settlement agreement in the US District Court for the Southern District of New York earlier this month. The legal action related to the ownership of a 25.1% stake in MegaFon which was sold in 2003. Mr Rozhetskin has been missing since mid-March; police found blood at his home in Latvia and were recently forced to deny press claims that a body had been found near Riga.

Russia, MegaFon