Danish lawyer Jeffrey Galmond, representative of the Bermuda-based company IPOC International Growth Fund, speaks to the media during the news conference summoned to disclose the IPOC management and shareholders' position in the fight over a stake in the Russian mobile operator MegaFon.
Photo: Alexey Myakishev
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IPOC Creditors Didn’t Show Up
Owned by Danish lawyer Jeffrey Galmond, IPOC Capital Partners (ICP) and eight firms affiliated with it that used to own stakes in the biggest telecom companies of Russia will be wound up by this year-end. The liquidation is possible, as none of creditors showed up at their meeting past week. So, Mr Galmond will soon complete the deals for selling his stakes in MegaFon, MTT and Sky Link worth more than $6.2 billion overall.
According to Mr Galmond, IPC and the firms affiliated with it have no creditors whatsoever and the meeting of creditors was a mere formality required to wind up the fund.
The Supreme Court of Bermuda Islands, where ICP was incorporated in 2000, ruled in May to convene the creditors’ meeting in mid-August. The resolution was to wind up IPOC and affiliated firms on laundering suspicion.
ICP will be liquidated along with seven firms - Gamma Capital Fund, Com Tel Eastern, Augmentation Investments, First National Telecommunication Fund, Convergence Capital, Telco Overseas, Convergence Capital Management. Its IPOC International Growth Fund will perish as well. This fund directly owned 8 percent in MegaFon cellular operator and held 58.9 percent in Telecominvest Holding (31.5 percent in MegaFon) via First National Holding.
Alisher Usmanov bought 15 percent in Telecominvest in 2007 and Galmond negotiated the sale of those two stakes to him in May. Usmanov will hold 31.1 percent in MegaFon once the deal is completed but he won't be able to consolidate the stakes until IPOC ceases to exist.
www.kommersant.com
All the Article in Russian as of Aug. 18, 2008
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