In Telenor believes that the interests of "Alfa-group" equity conflict "Vympelcom" is not only Altimo (photo director Alexey Reznikovich) but Farimex
March 11, the Federal Court Southern District of New York denied the request of the Ukrainian Alfa-Group "Ltd." Storm ", the suspension of the execution of a court decision of 19 November last year (see reference). The court then found four of the Alpha-group "guilty of contempt of court, which was in default of decision the New York arbitration over the corporate conflict in the Ukrainian mobile company Kyivstar. At the Alpha-group "were imposed substantial fines. After this part of the requirements of the New York Court of "Alfa-group" performed by returning, in particular, to corporate governance "Kyivstar" (see "Kommersant" on 17 December 2008). However, the requirement to transfer the deposit to the New York Court of 43,5% stake in Kyivstar, as well as to reduce to 5% share in the competitive structure, Turkish Turkcell, "Alfa-group" was not fulfilled. This again was seen as a contempt of court.
The new decision, the court imposed on the "Storm" and several other structures "Alpha groups" fines of $ 100 thousand a day. They must be paid from March 12 until the moment of execution. A fine is doubled every 30 days. Thus, if the "Alpha-group" would not serve him for a year, the amount of a fine of about $ 12.4 billion a similar penalty threatened "Alpha-group" if it did not achieve until March 23, ending the judicial process in Ukraine, initiated by some EC Venture and has already led to the arrest of a package "Alpha" in Kyivstar. In addition, according to a court decision to March 23, Alfa-Group must also either sell stake in Kyivstar, a lower share of the UNT and Turkcell to 5%. Otherwise, it will put yet another penalty, which has not yet been determined.
"The ultimate goal of Telenor selected by Altimo (manages telekomaktivami" Alpha ") shares of Kyivstar and seize our assets around the world," - contends Senior Vice President Kirill Babayev Altimo. He denies any connection with the company's EC Ventures and insisted that to withdraw the arrest of shares of Kyivstar, and thus comply with the Court's decision in this part is not in their power. According to Mr. Babayev, Altimo will soon be in court to challenge the provisions of the decision, which is impossible for reasons beyond Altimo circumstances.
Partner John Tiner & Partners Valery Tutyhin believes that the chances of challenging the decision of the Altimo is: "The American courts are often punished for acts that impede the execution of court decisions. But in large commercial disputes, such sanctions are rarely applied." The expert also said that Ukrainian law in principle does not allow you to transfer shares to deposit the American court.
Also yesterday, it became known that the Russian service of bailiffs sent in the national registration company, register "Vympelcom" ruling on the arrest of a package belonging to Telenor. The arrest is an interim measure to address the court, explained the chief bailiff Russia Arthur Parfenchikov, adding that he was instructed to bring the situation around the stock "Vympelcom" to special control. This is the decision of the arbitration Eighth Court of Appeals in Omsk, which has obliged Telenor to pay $ 1.73 billion in favor of "Vympelcom" to suit the company Farimex Products Inc. (calls himself the owner of 25 thousand shares in the ADR "Vympelcom", which corresponds to 0002% of the shares). In the event that a decision on the recovery will not be executed voluntarily, the shares can be sold on the RTS stock exchange through a broker. But this can be done only after receiving a Telenor executive order instituting proceedings. Representative Farimex Dmitry Cherny yesterday told "Kommersant" that deliver Telenor decree instituting enforcement proceedings have not yet been reached.
The arrest of shares in Telenor "Vympelcom" - a response to the decision of the New York court, assured the Norwegian company. Dmitry Cherny, however, stressed that the seizure of shares Vympelcom "imposed by the bailiff in accordance with the procedure without any special requests by the plaintiff. "The arrest of shares owned by Telenor, only limits the possibility of their exclusion, but does not affect the right of management of the company," - said Mr Black. A lawyer Telenor, partner law office "Yegorov, Puginsky, Afanasiev and Partners" Grigory Chernyshev said yesterday "Kommersant," which very soon will be filed an application for a stay of execution of the decision. It will consider the Federal Arbitration Court of the North-West district in Tyumen, which has already been sent to appeal Telenor.
The new decision, the court imposed on the "Storm" and several other structures "Alpha groups" fines of $ 100 thousand a day. They must be paid from March 12 until the moment of execution. A fine is doubled every 30 days. Thus, if the "Alpha-group" would not serve him for a year, the amount of a fine of about $ 12.4 billion a similar penalty threatened "Alpha-group" if it did not achieve until March 23, ending the judicial process in Ukraine, initiated by some EC Venture and has already led to the arrest of a package "Alpha" in Kyivstar. In addition, according to a court decision to March 23, Alfa-Group must also either sell stake in Kyivstar, a lower share of the UNT and Turkcell to 5%. Otherwise, it will put yet another penalty, which has not yet been determined.
"The ultimate goal of Telenor selected by Altimo (manages telekomaktivami" Alpha ") shares of Kyivstar and seize our assets around the world," - contends Senior Vice President Kirill Babayev Altimo. He denies any connection with the company's EC Ventures and insisted that to withdraw the arrest of shares of Kyivstar, and thus comply with the Court's decision in this part is not in their power. According to Mr. Babayev, Altimo will soon be in court to challenge the provisions of the decision, which is impossible for reasons beyond Altimo circumstances.
Partner John Tiner & Partners Valery Tutyhin believes that the chances of challenging the decision of the Altimo is: "The American courts are often punished for acts that impede the execution of court decisions. But in large commercial disputes, such sanctions are rarely applied." The expert also said that Ukrainian law in principle does not allow you to transfer shares to deposit the American court.
Also yesterday, it became known that the Russian service of bailiffs sent in the national registration company, register "Vympelcom" ruling on the arrest of a package belonging to Telenor. The arrest is an interim measure to address the court, explained the chief bailiff Russia Arthur Parfenchikov, adding that he was instructed to bring the situation around the stock "Vympelcom" to special control. This is the decision of the arbitration Eighth Court of Appeals in Omsk, which has obliged Telenor to pay $ 1.73 billion in favor of "Vympelcom" to suit the company Farimex Products Inc. (calls himself the owner of 25 thousand shares in the ADR "Vympelcom", which corresponds to 0002% of the shares). In the event that a decision on the recovery will not be executed voluntarily, the shares can be sold on the RTS stock exchange through a broker. But this can be done only after receiving a Telenor executive order instituting proceedings. Representative Farimex Dmitry Cherny yesterday told "Kommersant" that deliver Telenor decree instituting enforcement proceedings have not yet been reached.
The arrest of shares in Telenor "Vympelcom" - a response to the decision of the New York court, assured the Norwegian company. Dmitry Cherny, however, stressed that the seizure of shares Vympelcom "imposed by the bailiff in accordance with the procedure without any special requests by the plaintiff. "The arrest of shares owned by Telenor, only limits the possibility of their exclusion, but does not affect the right of management of the company," - said Mr Black. A lawyer Telenor, partner law office "Yegorov, Puginsky, Afanasiev and Partners" Grigory Chernyshev said yesterday "Kommersant," which very soon will be filed an application for a stay of execution of the decision. It will consider the Federal Arbitration Court of the North-West district in Tyumen, which has already been sent to appeal Telenor.
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