Russian bailiff plans to auction off Telenor’s stake in Vimpelcom

www.WirelessFederation.com/news: A Russian court bailiff is planning to sale off Telenor’s stake in Russian mobile operator VimpelCom. The stake of Telenor was confesticated as part of a court ruling ordering Telenor to pay USD 1.72 billion in damages for allegedly blocking Vimpelcom’s expansion in Ukraine. The original suit was brought by Fairmex Investments, which holds a 0.002 percent stake in Vimpelcom, and whom Telenor has accused of being an arm of Alfa group, the other major shareholder in Vimpelcom. The bailiff released a statement on 8 June saying it was preparing to start an auction soon to sell Telenor’s shares. Telenor issued a statement saying it “strongly opposes any plans the Russian Bailiff’s office may have of selling” its shares in VimpelCom. The appeal has been filed against the original court ruling b Telenor and damages claim and called on the bailiff to refrain from any action until the appeal is heard. The Federal Cassation Court of West-Siberia in Tyumen will hear Telenor’s appeal tomorrow and the company is continuing efforts in the Moscow courts to halt the bailiff’s actions.