Russian Bailiff Defers Sale on VimpleCom Sales

Russia's bailiff has reportedly delayed the sale of Telenor's shares in VimpleCom for an unspecified period. Citing a press conference, the Norwegian business daily Dagens Naeringsliv said that Artur Parfyonchikov, head for the bailiff's office in Moscow needed more time to study the court documents which lead to the shares being seized originally.

He added that a potential transfer of the shares to the Federal Agency for State-Owned Property (FAPM) will take place some time "in the future". The transfer is the initial process in the selling of the shares.

Last summer Farimex initiated a court proceeding against Telenor, VimpelCom and Altimo in a distant court of Khanty-Mansiysk in Western Siberia, Russian Federation. Farimex accused the three companies of having caused losses to VimpelCom by delaying VimpelCom's acquisition of URS. The Khanty-Mansiysk court held Telenor solely liable for VimpelCom's alleged late entry into the Ukrainian mobile market and ordered Telenor to pay VimpelCom US$2.8 billion in damages.

This decision was cancelled by the Omsk court on 29 December 2008. However, on 20 February 2009 the court ruled to hold Telenor liable for US$1.7 billion. The court gave Farimex a writ of execution to claim the amount that resulted in arrest of all Telenor shares in VimpelCom on 11 March 2009. Telenor is appealing the ruling.

On the web: Dagens Naeringsliv

Posted to the site on 21st August 2009