Moscow Arbitrazh Court Rejects Telenor's Motion to Invalidate Transfer of assignment to sell VimpelCom Shares for Subsequent Sale
Fornebu
1 minute read
(Fornebu, Norway and Moscow, Russia - 28 July 2009). On 28 July 2009, the Moscow Arbitrazh Court rejected a motion by Telenor East Invest AS to invalidate an order by the bailiff to transfer the assignment to sell Telenor's shares in VimpelCom to Rosimuschestvo (The Federal Property Management Agency).
The basis for the Court's rejection of Telenor's motion will be known when the Court's decision is published in full.
In its motion, Telenor emphasized that the bailiff's order violates the law on enforcement procedures, since the order was made without a preliminary estimate of the value of the arrested VimpelCom shares owned by Telenor. As a consequence, the minimum price of the shares is still unknown, which conflicts with the law and violates Telenor's rights.
Telenor will continue to use all the means available to it to defend its shareholding in VimpelCom.
Dag Melgaard, Communication Manager, Telenor Group
Tel: (+47) 901 92 000
E-mail: dag.melgaard@telenor.com
Evgenia Cheredkova, Telenor Russia
Tel: +7 495 937 9588
E-mail: Evgenia.Cheredkova@telenor.com
In its motion, Telenor emphasized that the bailiff's order violates the law on enforcement procedures, since the order was made without a preliminary estimate of the value of the arrested VimpelCom shares owned by Telenor. As a consequence, the minimum price of the shares is still unknown, which conflicts with the law and violates Telenor's rights.
Telenor will continue to use all the means available to it to defend its shareholding in VimpelCom.
Contact Information:
Dag Melgaard, Communication Manager, Telenor Group
Tel: (+47) 901 92 000
E-mail: dag.melgaard@telenor.com
Evgenia Cheredkova, Telenor Russia
Tel: +7 495 937 9588
E-mail: Evgenia.Cheredkova@telenor.com