Russian court delays Telenor appeal

10 Jun 2009

Norwegian telco Telenor has announced that the Federal Arbitrazh (Business) court of Tyumen, Siberia has adjourned its appeal of a USD1.7 billion damages claim until 30 September. In February the Russian courts ordered Telenor to pay compensation for delaying Russian cellco Vimpelcom’s entry into the Ukrainian mobile market. Telenor lodged an appeal against the ruling and has since had its 33.6% equity stake (29.9% voting rights) in Vimpelcom seized by bailiffs to cover the fine. The appeal hearing was adjourned on the request of Farimex, a minor Vimpelcom stakeholder which raised the initial case against Telenor, to give the firm time to study a lawsuit launched in New York by Telenor last year to establish that there is relationship between Farimex and the Alfa Group, which owns a 37% equity share of Vimpelcom (with 44% voting rights).