Farimex withdraws claim against Telenor

News Wireless Russian Federation 16 APR 2010
Farimex withdraws claim against Telenor
The Federal Arbitrazh (Business) Court of the West Siberian District, in Tyumen, cancelled the ruling of the Eighth Arbitrazh Appellate Court in Omsk holding Telenor East Invest liable for USD 1.73 billion in damages and terminated all proceedings as Farimex Products withdrew its claim against Telenor East Invest on 16 April. During a hearing that took place on 16 April, Farimex filed a motion withdrawing its claim against Telenor East Invest and the other defendants. The court accepted that motion and issued a ruling cancelling the Omsk court's ruling and terminating all proceedings in the case. The withdrawal and dismissal with prejudice of the Farimex case in Russia and the withdrawal of all related orders and injunctions, including the withdrawal of all enforcement proceedings issued by the Russian bailiffs service, without any cost or loss to Telenor, is a condition to completion of the exchange offer that will combine Vimpelcom and Kyivstar in the new company VimpelCom Ltd launched on 9 February and the related Kyivstar share exchange transaction between Telenor and Altimo.

Categories:

Mobile

Companies:

Telenor,  Altimo,  Kyivstar,  Vimpelcom

Countries:

Russian Federation

Tags:

Wholesale, Legislation - Lawsuits, M&A buyouts & divestments

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