Telenor Strongly Objects to Statement from the Russian Bailiff

Telenor has, unsurprisingly said that it strongly opposes any plans the Russian Bailiff's office may have of selling Telenor's VimpelCom shares. "The enforcment of the claim of US$1.72 billion is based on an incorrect court decision that has no merit and should not take place," said Jan Edvard Thygesen, EVP and head of Telenor's Central and Eastern European operations.

Following today's press release from the Russian Bailiff's office that Telenor's VimpelCom shares, presently under arrest, may be handed over for auction in the market in the nearest future, Telenor has the following comment "Even though the threat of a sale of Telenor's shares in VimpelCom has been there all the while since the shares were arrested, we expect that the Bailiff will halt any plans of a sale or auction until the claim has been heard by all necessary court instances. We are confident that the incorrect decision of the Omsk court will eventually be overturned. It would therefore be outrageous if the Bailiff's office should go ahead with a sale now," said Thygesen

Telenor will be keeping up the fight to stop the sale - the Federal Cassation Court of West-Siberia in Tyumen will hear Telenor's appeal of the Omsk verdict on Wednesday 10 June, and the efforts through the Moscow courts to stop the Bailiff's actions will continue.

Posted to the site on 8th June 2009