News From Telecom World

Telenor drops US lawsuit against Russia’s Altimo

Posted on: September 18, 2008

Russia’s Altimo, the telecommunications arm of conglomerate Alfa Group said Wednesday that Norway’s Telenor ASA has dropped a lawsuit filed against it and its affiliate Eco Telecom in the U.S. Federal District Court in New York.

The lawsuit alleged that a suit brought by Vimpel Communications shareholder Farimex which accuses Telenor, Eco Telecom and Altimo of blocking VimpelCom’s attempt to buy Ukranian Radiosystems in 2004 and 2005 had in fact been initiated collusively with Altimo.

The claim was partly based on “various erroneous press reports” that said Farimex’s director is affiliated with Alfa Group, Altimo said.

Telenor vice president Pal Kvalheim confirmed that his company has dropped Altimo and Eco Telecom from its claim against Farimex Products Inc. in New York.

But he told Dow Jones Newswires it will “pursue its claims against Altimo and Eco Telecom relating to the Farimex case in other forums,” including ongoing arbitration proceedings in Geneva. It also said that it will continue to pursue its claims against Farimex in New York.

“Telenor continues to believe that Farimex is an affiliate of, or controlled by, Alfa Group, and stands by all its allegations,” he said.

However, Altimo welcomed Telenor’s decision to drop the case, and said it “continues to believe that … strategic cooperation between Altimo and Telenor is the most beneficial approach to building shareholders’ value.”

Telenor, with 29.9%, and Alfa Group with 44%, are the largest shareholders in VimpelCom.

Source: Total Telecom

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s


  • shah: i want make business.so need talk to you. regurds
  • yaseen vohra: salam iam producer&director other tv sir i have new program idea tv shwo sub kahdo 4 zong u r intrust tu plz e mail me ya call this
  • md. arfan hossain (hitlar): i want to start the voip business in bd from chittgong . now i don't know how to start that. could you give me some suggestion for doing that?
%d bloggers like this: