Commenting on the going litigations with Farimex, the management of Norwegian Telenor, one of the principal shareholders of VimpelCom, said the company will not receive any indemnifications after the conclusion of its court actions with its legal opponent. “We have made our position clear on this issue and that is Farimex should just go away at no further costs to Telenor. In this process, we simply need to follow the official procedure as laid down by the law, no more, no less,” Telenor Group Executive VP Jan Thygesen said.
Telenor’s legal problems in Russia began after Farimex accused it of blocking the purchase of Ukrainian Radiosystems by VimpelCom. Later, a court ordered it to $1.728bln, and as collateral, seized 26.6% of its 29.9% stake in VimpelCom. Its appeal of this decision will be heard in March 2010.
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