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Telenor dismisses USD1.7 billion claim

6 Apr 2009

Telenor has been officially served with a notice to pay USD1.7 billion in damages to Vimpelcom following a ruling that the Norwegian telco delayed the Russian cellco’s entry into the Ukrainian mobile market. Telenor allegedly tried to block a deal to purchase Ukraine Radio Systems, a mobile operator. Telenor has been given five days to pay the penalty, but has already dismissed the claim. Head of Telenor’s East European operations, Jan Edvard Thygesen said, ‘We have no intention of honouring such a horrendous claim, which is based on an illegal Russian court ruling, still under appeal by us.’ Telenor’s appeal over the ruling, which also saw the company’s 29.9% stake in Vimpelcom seized by the courts, will be heard on 26 May.

Norway, Russia, Beeline (Russia), Telenor Group

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