Bailiffs to auction Vimpelcom stake

22 Jun 2009

Russia’s Federal Bailiff Service (FBS) has announced that it has ordered the auction of Telenor’s 29.9% stake in Vimpelcom. The shares were seized by the FBS in March to cover a USD1.7 billion fine handed out to the Norwegian telecoms group by a Siberian court. Telenor is in the process of appealing against the fine and has said that it would be ‘very surprising’ if the stake is sold before the appeal hearing, scheduled for 30 September 2009. The [Russian] State Property Agency will handle the auction and has released a statement saying that preparations for the sale will take at least two months.