General view of mobile operator Kyivstar headquarters in Kiev
Photo: Reuters
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Russia’s Holder Claims $1bn from Norwegian Holder
Holder of over 44 percent in VimpelCom, Altimo lodged a suit to Geneva International Arbitration to recover $1 billion from Norwegian Telenor that owns 29.9 percent in that cellular operator, Interfax reported with reference to Altimo press service.
It was Altimo’s subsidiary, Eco Telecom that filed the suit. According to Russia’s holders of VimpelCom, Telenor breached the asset management agreement en route to Ukrainian market. The conflict of holders cost $2.7 billion to VimpelCom, while the losses of Russia’s owners amounted to $1 billion.
The conflict of Telenor and Altimo (controlled by Alfa Group) left VimpelCom without any budget for 2006 and 2007 – the parties were unable to agree on details to enter Ukrainian market.
Altimo and Telenor made peace in late 2007, enabling VimpelCom to pass the budget for 2008.
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