Telenor’s stake in VimpelCom put up for sale
The Russian Bailiff Service prepared documents to auction off a 26.6% stake in Russian mobile operator VimpelCom, which is the subject of a long dispute between its shareholders - Norway’s telecommunications company Telenor and British Virgin Islands-based Farimex. The Norwegian company also claimed that Farimex is linked to Alfa Group - another major shareholder of VimpelCom, and in this case it becomes dispute between Telenor and Alfa Group.
The 26.6% stake currently auctioned was blocked under the court order in March, as part of the dispute. This was done when BVI company filed a lawsuit against Telenor, after which Russian Arbitration Court ordered USD 1.728 billion compensation to be paid by Norwegians, and 26.6 % of its stake in VimpelCom to be frozen. On June 3, Moscow court rejected Telenor’s appeal to suspend the order.