Telenor has no intention of accepting court ruling

5 Mar 2009

Telenor has lodged an appeal with a court in Tyumen in Western Siberia against the USD1.7 billion award by an Omsk court on 20 February in a lawsuit over Russian mobile group Vimpelcom, stating it had ‘no intention of paying’ the damages.

The long running dispute between Telenor and British Virgin Islands-based investment group Farimex concerns claims the Norwegian group delayed Vimplecom’s takeover of a Ukrainian mobile operator, URS, in 2005. It has been alleged that Farimex is merely a front for Russia’s Alfa Group, Telenor’s shareholding partner in Vimpelcom – which the Russian firm denies.

Telenor vice president Jan Edvard Thygesen said in a statement, ‘We have filed our appeal and will file whatever other documents are necessary to prevent Alfa Group or Farimex, using this illegal decision, from stealing our Vimpelcom shares and undermining foreign investments in Russia.’

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