The Federal Arbitrazh (Business) Court of the West Siberian District Again Postpones Hearing of Telenor's Appeal in Farimex Case
(Thomson Reuters ONE) -
(Fornebu, Norway, and Tyumen, Russia - 24 March 2010) The Federal Arbitrazh
(Business) Court of the West Siberian District, Tyumen, today postponed for the
fourth time the hearing of Telenor East Invest AS's appeal of the ruling of the
Eighth Arbitrazh Appellate Court in Omsk holding Telenor East Invest AS liable
for US$1.73 billion in damages as a result of a claim by Farimex Products Inc.,
the holder of ADRs equal to 0.002 per cent of OJSC VimpelCom shares.
At the beginning of today's hearing, Farimex brought to the Court's attention
that four of the Alfa entities originally named as defendants in the case - CT
Mobile, Avenue, Janow and Santel - had been liquidated. The Court set a new
hearing date for 16 April 2010, stating that it needed time to review the
documents presented by Farimex. None of the four Alfa entities were appealing
the Omsk court's ruling of 2 March 2009.
Telenor's appeal of the Omsk court's ruling was originally scheduled to be heard
in Tyumen on 26 May 2009, but was initially adjourned until 10 June 2009 on the
grounds that third parties in the case had not been duly notified, and then
again to 30 September 2009. On 30 September 2009, the Court granted Farimex's
motion requesting that the hearing in the case be delayed until a related
Farimex case in New York had been heard. That case was dismissed without
prejudice on 20 October 2009.
The withdrawal and dismissal with prejudice of the Farimex case in Russia and
the withdrawal of all related orders and injunctions, without any cost or loss
to Telenor, is a condition to completion of the exchange offer that will combine
Open Joint Stock Company "Vimpel-Communications" ("OJSC VimpelCom") (NYSE:VIP)
and Kyivstar in VimpelCom Ltd. launched on 9 February 2010 (the "Exchange
Offer") and the related Kyivstar share exchange transaction between Telenor and
Altimo. The Exchange Offer in the U.S. will close at 5:00 pm New York City
time on 15 April 2010 and the Exchange Offer in Russia will close at 11:59 pm
Moscow time on 20 April 2010, unless extended.
Contact Information:
Dag Melgaard, Communication Manager, Telenor Group
Tel.: +47 901 92 000
E-mail: dag.melgaard(at)telenor.com
Anna Ivanova-Galitsina, PR and Communications Director, Telenor Russia
Tel: +7 (495) 937 9588
E-mail:anna.galitsina(at)telenor.com
[HUG#1396979]
Unternehmensinformation / Kurzprofil:
Datum: 24.03.2010 - 08:02 Uhr
Sprache: Deutsch
News-ID 17959
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