Norway’s Telenor fails to block sale of Vimpelcom stake through Russian courts

Telenor spokesman Dag Melgaard.

Telenor spokesman Dag Melgaard.

MOSCOW (AP) — A Moscow court refused Tuesday to block the sale of Telenor’s stake in No. 2 Russian mobile phone company VimpelCom, paving the way for the Norwegian company to lose its Russian asset, Telenor said in a statement.

A spokesman for the Moscow Arbitration Court said he had no information about Tuesday’s ruling.

Bailiffs authorized the auction of the majority of Telenor’s 29.9 percent stake last month in a bid to recover $1.7 billion in court-awarded damages. If the sale is allowed to go ahead, Telenor could lose its stake before the completion of its appeal against a Siberian court ruling earlier this year.

A Telenor spokesman said the decision was expected. “There was some disappointment, but it wasn’t much of a surprise,” said Telenor spokesman Dag Melgaard. He said that Telenor would decide whether to appeal the decision after reviewing the written verdict.

Click here to read the entire article on


Films of Norway_bunad
Norwegian American Logo

The Norwegian American

Published since May 17, 1889 PO Box 30863 Seattle WA 98113 Tel: (206) 784-4617 • Email:

You may also like...

%d bloggers like this: