Cukurova seeks Turkcell payment extension

17 Jul 2013

Turkey’s Cukurova Group has requested more time to pay the USD1.565 billion required to redeem its stake in Turkcell from Russia’s Altimo, Reuters reports, citing a statement from the UK’s Privy Council, which imposed the ruling last week. The Privy Council gave the Turkish firm 60 days to settle its account with the Russian company, but Cukurova has now applied for an extension until its parallel appeals have been resolved in a separate case being heard by the US Court of Appeals.

Turkey, Altimo (part of the Alfa Group), Turkcell