|
|
Russia's MTS Writes off $150 Mln Paid for Bitel Stake
Published on:
MOSCOW, Mar 7 (Prime-Tass) -- Russian mobile operator Mobile TeleSystems (MTS) has written off the US$150 million it paid for a 51% stake in Kyrgyz mobile operator Bitel, MTS said Wednesday.
MTS said that it was seeking indemnity and had filed a lawsuit with the High Court of Justice of the Isle of Man against 11 companies that allegedly prevented it from taking operating control over Bitel.
MTS bought the 51% stake Bitel in December 2005, but three days after the deal was announced a little-known Russian company, Rezervspetsmet, challenged the purchase in court and was awarded full operating control over Bitel.
At the moment, Rezervspetsmet has operating control over Bitel, while MTS is fighting a court battle to regain control over the operator.
At some point in September-October 2006, Bitel transferred all its assets to another Kyrgyz mobile operator, Sky Mobile, which had earlier been acquired by Russia?s Altimo, Alfa Group's telecom arm.
The 11 companies being sued by MTS include Altimo, Rezervspetsmet, Sky Mobile, and Bitel.
Besides Russia, MTS provides service in Belarus, Ukraine, Uzbekistan and Turkmenistan.
End"
Tags: [alfa] [mts] [mobile telesystems] [court of justice] [lawsuit] [bitel] [rezervspetsmet]
| Previous Story | Next Story |
| |
|
| |
|
| |
|
| |