Telenor strongly rejects Russian arrest in VimpelCom shares
28 Octubre 2008 - 8:06AM
Marketwired
(Fornebu, Norway, 28 October 2008) Telenor on Monday learned,
through a press release said to be issued by Farimex Products, of a
decision in a Siberian appeals court in Omsk purporting to arrest
Telenor and Altimo's shares in VimpelCom. "If this is true, it is
an outrageous decision, which we intend to overturn using all
available means," said Jan Edvard Thygesen, EVP and head of
Telenor's operations in Central and Eastern Europe.
Using a ruling it obtained in Khanty-Mansiysk in August this
year, Farimex has apparently managed to have the Omsk court issue
an arrest order, not only against Telenor's VimpelCom shares, but
also against Altimo's VimpelCom shares - despite the fact that the
Khanty-Mansiysk court has held that Altimo was not liable for any
damages. The Khanty-Mansiysk court held Telenor solely liable for
VimpelCom's alleged late entry into the Ukrainian mobile market and
ordered Telenor to pay VimpelCom USD 2.8 billion in damages. This
ruling has been appealed by Telenor, which considers the ruling
absurd and the case to be wholly without merit. The appeal is
scheduled to be heard in the Omsk court on 18th November.
"We see absolutely no reason for the Omsk court to arrest
Telenor's VimpelCom shares ahead of the scheduled appeals hearing,"
said Jan Edvard Thygesen. "The timing of the arrest and the
inclusion of Altimo's shares strongly suggests that there were
other motives for this arrest, and we believe this is yet another
of Alfa's collusive actions. There are already media reports that
this is meant to prevent Alfa's creditors from getting access to
Alfa's shares. If that is the case, it could limit other Russian
companies' ability to obtain loans from international banks for
many years to come. We feel confident that Russian authorities will
look into the matter immediately," said Thygesen.
This announcement was originally distributed by Hugin. The
issuer is solely responsible for the content of this
announcement.
Copyright � Hugin AS 2008. All rights reserved.
Contact: Dag Melgaard Vice President Telenor Group
Communications, tel: (+47)901 92 000 Email: Email Contact
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