Moscow court rejects Telenor appeal

4 Jun 2009

A Moscow court has rejected a stay motion by Telenor to prevent the sale of its stake in Vimpelcom which was seized by bailiffs to repay a USD1.7 billion damages claim by Vimpelcom shareholder Farimex, RIA Novosti reports. Norway-based Telenor had asked the Moscow Arbitration Appeals Court to wait for a decision from the Federal Arbitration Appeals Court in Siberia, which is due to consider the damages award on 10 June. This is the second time that Telenor has sought to delay the enforced sale, having had a previous stay motion rejected by a Siberian court in April, and the company is reportedly considering a further appeal against the Moscow court’s ruling.

Norway, Russia, Beeline (Russia), Telenor Global Services, Telenor Group, VEON