Members of the board of Russian mobile group Vimpelcom have vetoed the company’s proposed 2006 annual budget, over a dispute about investment in the recently acquired cellco Ukrainian Radiosystems (URS). Vimpelcom needs the approval of eight of its nine board members to approve any budget. It is believed that three members voted against the budget, all of whom were nominated to the Vimpelcom board by Telenor of Norway, which has long fought against the purchase of URS, instigated by fellow shareholder Alfa Group. It is believed that Telenor wants the 2006 budget to be split into three to cover each of the countries in which Vimpelcom operates. The Norwegian group continues to grill Alfa and the rest of the Vimpelcom board over the proposed business plan for URS.
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