Farimex Withdraws Claim Against Telenor and Tyumen Court Cancels Omsk Ruling and Terminates All Proceedings
Farimex Products, Inc. today withdrew its claim against Telenor East Invest AS, and the Federal Arbitrazh (Business) Court of the West Siberian District, in Tyumen, cancelled the ruling of the Eighth Arbitrazh Appellate Court in Omsk holding Telenor East Invest AS liable for US$1.73 billion in damages and terminated all proceedings.
At today’s hearing, Farimex filed a motion withdrawing its claim against Telenor East Invest AS and the other defendants. The court accepted that motion and issued a ruling cancelling the Omsk court’s ruling and terminating all proceedings in the case.
“Farimex’s withdrawal of its claim today and the cancellation of the Omsk ruling are steps in the right direction,” said Jan Edvard Thygesen, Telenor Executive Vice President and the Head of Telenor’s operations in Central and Eastern Europe. “This case never had any merit, and we are pleased it has been withdrawn. However, the decision of the Tyumen court is appealable. Before closing can occur there are still enforcement proceedings to be withdrawn by the bailiff.”
The withdrawal and dismissal with prejudice of the Farimex case in Russia and the withdrawal of all related orders and injunctions, including the withdrawal of all enforcement proceedings issued by the Russian bailiffs service, without any cost or loss to Telenor, is a condition to completion of the exchange offer that will combine Open Joint Stock Company “Vimpel-Communications” (“OJSC VimpelCom”) (NYSE:VIP) and Kyivstar in VimpelCom Ltd. launched on 9 February 2010 (the “Exchange Offer”) and the related Kyivstar share exchange transaction between Telenor and Altimo
