Telenor Says New Arbitration Brought By Alfa Has No Merit
March 25 2008 - 9:15AM
Marketwired
FORNEBU, NORWAY and MOSCOW by approximately one year, and that
VimpelCom and Eco Telecom suffered harm as a result. Eco Telecom is
claiming damages of US$1 billion. Telenor believes this proceeding
has no merit, and will defend it vigorously.
"Alfa recently lost both the VimpelCom and Kyivstar-related
arbitration proceedings brought by Telenor," said Telenor Chief
Press Spokesman Dag Melgaard. "It is hard to see this claim as
anything but an attempt by Alfa to pressure Telenor and attract
media attention with its frivolous US$1 billion damage claim.
VimpelCom's purchase of URS was an overpriced, non-transparent
transaction. URS's weak performance since it was acquired by
VimpelCom has confirmed that this was a bad deal for VimpelCom
shareholders."
Telenor owns 33.6% of VimpelCom's shares of common stock and
29.9% of VimpelCom's voting capital stock. The arbitration
proceeding brought by Alfa will be conducted in Geneva, Switzerland
under the UNCITRAL Arbitration Rules before a panel of three
arbitrators.
Copyright � Hugin AS 2008. All rights reserved.
Further information: Dag Melgaard Vice President Group
Communications Telenor ASA tel: +47 901 92 000 e-mail:
dag.melgaard@telenor.com
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