Swedish telecom operator TeliaSonera AB (TLSN.SK) said Tuesday the decision by the Privy Council in London, stating the terms under which Turkcell Iletisim Hizmetleri AS (TCELL.IS) stakeholder Cukurova can recover disputed Turkcell shares from the Russian telecom investment firm Altimo, is "another important step towards a long overdue resolution of the deadlock between the shareholders in Turkcell."

 
   MAIN FACTS:

-According to the Privy Council's decision, Cukurova has to pay Altimo's parent, Alfa Group, $1.56 billion within 60 days to redeem the 14% Turkcell stake that it that it forfeited after defaulting on a loan.

-However, the Privy Council decision does not resolve the disputes that TeliaSonera has with Cukurova, TeliaSonera said.

-"On 1 Sep. 2011, an International Chamber of Commerce Arbitral Tribunal awarded TeliaSonera $932 million in damages, plus interest and costs, for Cukurova's failure to deliver to TeliaSonera the Turkcell Holding shares as required under a share purchase agreement between the parties. Cukurova has not made any attempt to honor its obligations and [a] New York court has taken steps to preserve assets that might be used to satisfy the award," TeliaSonera said.

-TeliaSonera will "continue to vigorously pursue collection of the award," it said.

-At 1334 GMT, shares were up 0.9% at SEK45.35.

-Write to Niclas Rolander at niclas.rolander@dowjones.com; Twitter: @WSJNordics

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Turkcell lletism Hizmetl... (NYSE:TKC)
Historical Stock Chart
From Mar 2024 to Apr 2024 Click Here for more Turkcell lletism Hizmetl... Charts.
Turkcell lletism Hizmetl... (NYSE:TKC)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more Turkcell lletism Hizmetl... Charts.