Telenor to appeal damages claim in URS lawsuit

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Telenor to appeal damages claim in URS lawsuit Monday 18 August 2008 | 11:17 AM CET

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A Siberian city court in Russia has issued a verdict holding mobile operator Telenor liable for USD 2.8 billion in damages plus RUB 460,000 in costs for allegedly having delayed VimpelCom's acquisition of Ukrainian Radio Systems (URS). The lawsuit, which was filed by Farimex Productsgainst all VimpelCom shareholders, claims that Telenor delayed VimpelCom's USD 230 million acquisition of Ukrainian mobile operator URS WellCom by nearly one year. Fairmex was also seeking damages against VimpelCom shareholder Altimo, but this claim was rejected by the court. Telenor said it opposed VimpelCom's acquisition of Ukrainian Radio Systems because the acquisition was overpriced and there was no transparency concerning the identity of the sellers of URS. Telenor also holds a stake in the rival Ukraine operator Kyivstar. Telenor believes that the claimant Farimex is affiliated with Altimo's parent company the Alfa group, and that the case has no merit. Telenor plans to appeal the ruling.

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