Telenor to appeal a ruling to pay damages of $2.8 billion to Vimpelcom (Russia)Telenor, Norwegian telecom group, has reportedly decided to appeal a ruling by a Russian court to pay damages of $2.8 billion (1.9 billion euros) to Vimpelcom.
“Telenor believes the ruling is unfounded, and will pursue all possible legal remedies to reverse the decision,” the company stated.
According to Telenor, a Siberian court has ruled in favour of a minority shareholder, Farimex Products, in Vimpelcom which had complained that Telenor delayed for a year the takeover by the Russian mobile phone group of Ukrainian Radio Systems.
“The court stated that the damages should be paid to Vimpelcom. Although named as a third party in Farimex’s complaint, Vimpelcom has not participated in the case,” Telenor said.
