Telenor finally obtains Kyivstar numbers — MobileMonday Global: Industry News

^{Boycott by Storm may end} Telenor finally obtains Kyivstar numbers

8 Dec 2007 at 07:28 GMT Timo Poropudas

Telenor, the majority owner of Kyivstars’s shares, has now obtained unaudited Kyivstar financial results for the first three quarters of 2007. This comes after an injunction by a Ukrainian court on 23 November was lifted.

Earlier this month Alfa Group announced that it would abide by a New York court decision and lessen its ownership in Kyivstars’s competition. Alfa owns 43.5 percent of Kyivstar via its affiliate Storm.

"We are delighted that Kyivstar has provided us with financial information concerning its performance for the first three quarters of 2007," said Jan Edvard Thygesen, Executive Vice President and head of Telenor's operation in Central and Eastern Europe.

"However, as a consequence of Alfa Group's continuing collusive litigation in Ukraine and its ongoing boycott of Kyivstar's board and shareholder meetings in defiance of an international arbitration award and two court orders, Telenor remains unable to consolidate Kyivstar's financial results. To restore corporate governance in Kyivstar, Telenor intends to continue its efforts to enforce the arbitration award and court orders against Alfa and its affiliates, including Storm and Altimo, wherever they and their assets can be found."

Telenor holds 56.5 per cent of Kyivstar. The remaining 43.5 per cent is held by Storm, an Alfa affiliate. Telenor will report Kyivstar as an associated company from the fourth quarter 2007.