Telenor (OSE: TEL) said it has learned that Russian Federal Antimonopoly Service (FAS) has filed a claim against Telenor and Weather Investments II S.à.r. (Weather) over the arrangement that led to Telenor increasing its stake in mobile operator VimpelCom and subsequently withdrawing the arbitration claim against other owners.
FAS apparently blames Telenor for violations of Russian Strategic Investment Law and wants the Court to invalidate the transaction and thus force Telenor to return the shares to Weather. It seems that all of Telenor’s plans, such as to alter the members of the Board position are at least on halt.
The company says on its release, that it believes it has followed the law and intends to use all available measures to defend itself. Following the transaction Telenor has also increased its stake in VimpelCom further via an arrangement with J.P. Morgan. While it is true that arrangement in this field are often very complex, Telenor seems to be running into problems with its overseas investments all too often. The stock was down 1% on Thursday action.
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