11 June 2004 07:46
VIRGIN ISLANDS COURT RULES ON IPOC CASE
MOSCOW. June 11 (Interfax) - The Arbitration Court of the British Virgin Islands has issued an injunction in a
lawsuit filed by IPOC International Growth Fund Ltd. forbidding CT-Mobile to sell or hand over a 25.1% stake in Megafon,
the rights to which are being contested by IPOC, an IPOC press release says.
An earlier injunction expired on Monday. The new court injunction will remain in force until the end of a review of
various appeals, filed by IPOC after the decision of the Virgin Island court.
IPOC, which owns 6.5% of MegaFon, says it secured the right to acquire 25.1% of MegaFon stock in 2001 by signing two
options agreements with LV Finance, which owned shares in Sonic Duo through Transcontinental Mobile Investment Limited
and CT-Mobile. This operator subsequently became a wholly owned subsidiary of MegaFon, and CT-Mobile the owner of 25.1%
of MegaFon. Alfa Group subsequently acquired all of LV Finance.
Alfa Telecom has refused to comment on this situation.
[Interfax] |
RUSSIA IN FACTS
