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^{USD 1,73 worth of shares to be confiscated} Telenor loses again in Russian court

Telenor has lost another round is the Russian court system. The operator attempted to block the confiscation of its shares worth of USD 1,73 billion.

Telenor has issued the following press release: On June 3, 2009, the Moscow City Arbitrazh Court denied the request by Telenor East Invest AS to stay enforcement proceedings commenced by Moscow's bailiff service under the writ of execution issued by the Omsk court to recover $1.73 billion from Telenor East Invest AS following the action brought by Farimex Products, Inc., holder of ADRs equal to 0.002% of VimpelCom shares. The hearings started 14 April and continued 30 April, 6 and 8 May until today's decision.

Telenor will soon appeal the Moscow court's ruling to the Ninth Arbitrazh Appellate Court in Moscow.

On June 10, 2009, the Federal Arbitrazh Court of the West Siberian District in Tyumen will hear the complaint of Telenor East Invest AS on the Omsk ruling.

Earlier, on May 26, 2009 the proceeding of the Telenor East Invest AS case in Tyumen was adjourned because of the inappropriate notification of the third party (the representative of A. Reznikovich and M. Fridman) by the court.

Related News

• Moscow court postpones Telenor motion for the fourth time (9 May 2009)
• Telenor 1Q net profit falls 65 percent (5 May 2009)
• Sweden gets the second LTE network (16 Apr 2009)
• Omsk court holds Telenor liable for USD 1.7 billion (21 Feb 2009)
• Telenor delays takeover of Indian operator (25 Jan 2009)

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