Monthly Archives: November 2005

TeliaSonera подала в суд иск против “Альфа-групп” за вм&#

TeliaSonera подала суд иск против “Альфа-групп” за неправомерное вмешательство в сделку между TeliaSonera и Cukurova Group по приобретению акций Turkcell. Об этом говорится в сообщении шведско-финской телекоммуникационной компании.

Напомним, что 25 марта TeliaSonera объявила о соглашении с Cukurova, по которому скандинавская телекоммуникационная группа должна была заплатить $3.1 млрд. за 27% акций Turkcell. В случае успешного завершения сделки доля TeliaSonera в Turkcell увеличилась бы до 64%. 29 апреля акционеры Turkcell поддержали эту сделку – за нее было подано 99.55% голосов.

Вскоре после объявления о предстоящей сделке между TeliaSonera и Cukurova “Альфа-групп” сообщила о подаче предложения о покупке 27% акций Turkcell, превышающего предложение TeliaSonera. 23 мая Cukurova отказалась подписать финальное соглашение с TeliaSonera о продаже акций турецкого сотового оператора. Вскоре “Альфа-Телеком” предложила Cukurova Group $3.22 млрд. за ее долю в Turkcell. 22 июня “Альфа-Телеком” и Cukurova заключили соглашение о финансировании в размере $3.3 млрд. В рамках сделки “Альфа” приобрела у Yapi Kredi Bank, входящего в состав Cukurova, 13% акций Turkcell за $1.593 млрд. На эту сумму “Альфа” выкупит конвертируемые облигации со сроком погашения в 2011 году. Через полтора года с даты выпуска облигации можно будет конвертировать в акции Turkcell. Также “Альфа-Телеком” предоставит турецкому холдингу шестилетний кредит на $1.707 млрд. для погашения задолженности перед государственным банковским фондом TMSF.

Сегодня Alfa Telecom объявила о приобретении 13.22% акций Turkcell.

На прошлой неделе Международный арбитражный суд Женевы сн&
#1103;л запрет на продажу спорных акций Turkcell. Обеспечительные меры были сняты по просьбе TeliaSonera, которая подала иск против Cukurova, требуя аннулировать эту сделку. Шведско-финская компания сама попросила снять арест, так как в противном случае, согласно законодательству, обязана была бы оплатить убытки, вызванные замораживанием акций. В данном случае TeliaSonera пришлось бы предоставить Cukurova кредит на $700 млн. для осуществления ежемесячных выплат задолженности перед турецким правительством. TeliaSonerа намерена отстаивать права на Turkcell в судах Женевы и Вены. Недавно глава TeliaSonera Андерс Игель в интервью газете Helsingin Sanomat заявил, что компания намерена увеличить сумму своего предложения за Turkcell.

Turkcell – крупнейший сотовый оператор Турции, обслуживает более 26 млн. абонентов. Turkcell и TeliaSonera являются совладельцами компании Fintur Holdings B. V., которая владеет акциями четырех сотовых операторов: казахского K’Cell (51%), молдавского Moldcell (100%), азербайджанского Azercell (64%) и грузинского Geocell (78%). Недавно Turkcell создал СП с украинской компанией Digital Cellular Communication, которое займется развитием сотовой связи стандарта GSM-1800 на Украине.

В июле турецкую сделку “Альфы” прокомментировал на встрече с премьер-министром Турции Реджепом Эрдоганом Президент России Владимир Путин. “Одна из наших компаний – “Альфа-групп”, намерена в ближайшее время, если будут предоставлены соответствующие условия, инвестировать в отрасль связи Турции свыше $3 млрд.”, – сказал он на пресс-конференции в Сочи. При этом он добавил, что “ко&
#1075;да люди стремятся к реализации таких масштабных планов, разумеется, они хотели бы получить и политическую поддержку, во всяком случае, какие-то политические гарантии”.

www.ippnou.ru

TeliaSonera Finland Announces New Management Team and Turn-Around Program for Future Growth and Restored Profitability

TeliaSonera Finland today presents a turn-around program aimed at improving future growth and restoring profitability. The program comprises investments for future growth, a new operational structure and measures to achieve competitive cost levels. In addition a new management team is presented. The turn-around program is estimated to result in an additional annual cost reduction of MEUR 200 from 2008 with operational implementation expenditures of MEUR 100-150 and capital expenditures of around MEUR 50.

As earlier communicated additional measures, in excess of MEUR 100 measures already announced, are needed in TeliaSonera Finland in order to improve long-term growth and competitiveness. To this respect TeliaSonera Finland today presents a turn-around program.

“In designing the program we have been firm on the ambition of turning TeliaSonera Finland into a true market oriented service company with more people in the front line facing customers and giving service. Therefore the program also includes heavy investments in people, competence and infrastructure and not only cut downs. Even if it will take some time, I am convinced we will be able to bring TeliaSonera Finland into a much stronger position for the future,” comments Juho Lipsanen, President TeliaSonera Finland.

The program consists of three parts: Investments for Future Growth, New Operational Structure and Competitive Cost Level Measures.

Investments for Future Growth

In order to create growth, investments will be made in a range of services in line with the group wide initiative for a Focused Service Portfolio. Broadband investments are aimed at exploiting opportunities, which includes broadband access, Voice over IP telephony and Internet based TV. The managed services area includes the combination and integration of IT and telecommunications services. Internet based data communication services, mobile voice services and mobile value added services will also contribute to growth.

To reflect the effects of the consolidation in the Finnish market and to gain sustainability in the market offerings, TeliaSonera Finland will also make an overhaul of current offerings and pricing models.

New Operational Structure from January 1, 2006 TeliaSonera Finland’s operations will be organised in four customer oriented divisions.

– Consumer Mobile Services and Entertainment Division This division will be responsible for mobile operations and it will be managed from Helsinki.

– Enterprise iCt Division

The division will provide managed and communication services to corporate customers including the public sector. The division will be managed from Helsinki.

– Information Society Structures and Services Division The division will be responsible for the public fixed access network, broadband operations and content provision. The division will be managed from Turku.

– Customer Services and Systems Division The division will be responsible for supporting the other divisions with customer service, invoicing systems and other information and productions systems. The division will be managed from Helsinki.

The three first divisions will, with full result and balance sheet responsibility, be responsible for its customers, development activities and telecommunications networks related to its own operations.

Competitive Cost Level Measures

Along with the investments, cost reductions will be made through accelerated migration to IP-based network technology and accelerated IT-migration. Additional measures will be taken in order to achieve competitive cost levels in the operations. Several areas will be included such as sales and distribution, premises and subcontracting. The measures also include early retirement programs, reduction of cost of temporary workforce, voluntary personnel measures and non-replacement following personnel turnover. The number of jobs will be affected, but it is not possible to quantify the number today, as it is an effect of the gradual implementation of measures. The measures are estimated to result in an annual cost reduction of MEUR 200 from 2008 with operational implementation expenditures of MEUR 100-150 and capital expenditures of around MEUR 50. The cost reduction is in addition to the program already announced and resulting in an annual cost reduction of MEUR 100 from 2006.

“The number of employees will change due to the fact that we will use fewer network technologies, technological convergence, retirements and other natural causes. We have not initiated any employer/employee negotiations on personnel reductions,” comments TeliaSonera Finland’s President Juho Lipsanen.

Following discussion with the personnel organisations an agreement has been reached on the necessity of measures related to the turn-around program.

“The personnel program is the result of close cooperation between the shop stewards and the employer. It provides a way to look after the personnel during the long-term change that is beginning to take place. It also helps to create security in situations where fewer employees than before are needed in certain duties without directly launching any employer/employee negotiations aiming at redundancies,” says Chief Shop Steward Taru Maria Solakivi.

New Management Team

A new management team has been appointed, effective as of January 1, 2006. The team comprises

Mr. Esa Korvenmaa, Chief Operating Officer Mr. Jukka Leinonen, Head of Networks and Technology Mr. Timo Levoranta, Head of Enterprise iCt Service Division Mr. Esa Neuvonen, Head of Business Control and Finance Mr. Juha Pentti, Head of Human Resources Mr. Esa Rautalinko, Head of Consumer Mobile Services and Entertainment Division Mr. Eero Sinkkonen, Head of Information Society Structures and Services Ms. Tiia Tuovinen, Head of Legal and Regulatory Affairs Mr. Juha-Pekka Weckstrom, Head of Products and Services Mr. Janne Yli-Ayho, Head of Customer Services and Systems Mr. Juho Lipsanen, President TeliaSonera Finland

TeliaSonera Finland will hold a press conference on the turn-around program and the new structure today, on November 29, 2005, at 12:30 — 13:30 pm, Finnish time, Teollisuuskatu 15 premises (Helsinki, Vallila). The company’s President Juho Lipsanen and members of the management team will be speaking at the press conference.

Forward-Looking Statements Statements made in the press release relating to future status or circumstances, including future performance and other trend projections are forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. There can be no assurance that actual results will not differ materially from those expressed or implied by these forward-looking statements due to many factors, many of which are outside the control of TeliaSonera.

TeliaSonera is the leading telecommunications company in the Nordic and Baltic regions. At the end of December 2004 TeliaSonera had 15,411,000 mobile customers (51,359,000 incl associated companies) and 8,312,000 fixed telephony customers (8,943,000 incl associated companies) and 2,017,000 internet customers (2,056,000 incl associated companies). Outside the home markets TeliaSonera has extensive interests in the growth markets in Russia, Turkey and Eurasia. TeliaSonera is listed on the Stockholm Stock Exchange and the Helsinki Stock Exchange. Net sales January-December 2004 amounted to SEK 81.9 billion (EUR 9.08 billion). The number of employees was 29,082.

This information was brought to you by Waymaker http://www.waymaker.net

The following files are available for download:

http://wpy.waymaker.net/client/waymaker1/WOLReleaseFile.aspx?id=156965&fn=wkr0001.pdf

CONTACT: TeliaSonera AB
         +46-(0)8-713 58 30
www.primezone.com

Teliasonera initiates legal action against Russian Alfa Group

Teliasonera announced that it has initiated legal actions against Russian Alfa Group for its interference in the transaction between TeliaSonera and the Turkish Cukurova Group. The decision follows Russia’s Alfa Telecom statement confirming that it has completed the purchase of 13.22 per cent of Turkcell, a mobile telephone operator in Turkey. Reports claim that Alfa Telecom, a subsidiary of the Alfa Group, moved to obtain the stake indirectly earlier this year through a deal with the Turkish conglomerate Cukurova, Turkcell’s biggest shareholder, under which it bought convertible bonds for $1.593 bn.

Teliasonera said that legal proceedings against Cukurova have been initiated for breach of an earlier agreement under which Cukurova agreed to sell all its shares in Turkcell Holding to Teliasonera.

The company alleged in a press statement that immediately after Teliasonera and Cukurova announced their agreement in March, Alfa confirmed its ambitions to make an alternative transaction come through despite the existing agreement.

Teliasonera stated that it will sue Alfa for tortious interference, claiming that Alfa, despite knowledge of Teliasonera’s agreement with Cukurova to purchase all Cukurova’s Turkcell Holding shares and the shareholders’ agreement regarding Turkcell Holding, interfered in those contractual arrangements in such a way that Alfa is legally liable for damages to Teliasonera.

www.dmasia.com

TeliaSonera to cut more costs and jobs in Finland

Swedish-Finnish telecommunications operator TeliaSonera said on Tuesday it was aiming to lower costs by 200 million euros (236 million dollars) per year by restructuring its operations and cutting jobs.

TeliaSonera said the measures came on top of previously announced cost savings of 100 million euros per year and the additional targets would be realized from 2008 onwards.

They were motivated by falling revenues and heightened competition in its Finnish home market.

The company did not say how many jobs would be affected but stressed that there would be no forced redundancies.

Instead, the measures would include early retirement programs, reduction of the temporary workforce, voluntary measures and non-replacement of departing personnel.

There would also be a new management structure for Finland, it said.

“Even if it will take some time, I am convinced we will be able to bring TeliaSonera Finland into a much stronger position for the future,” TeliaSonera Finland’s president Juho Lipsanen said in a statement.

TeliaSonera’s net profit dropped by 7.8 percent in the third quarter to 4.3 billion Swedish kronor.

www.sweden.se

TeliaSonera initiates legal actions against Russian Alfa Group

TeliaSonera initiates legal actions against Russian Alfa Group for its tortious interference in the transaction between TeliaSonera and the Turkish Cukurova Group. TeliaSonera views Alfa to have taken actions making Cukurova to breach i.a. the agreement entered into in March this year pertaining to Cukurova’s sale of an effective 27-percent stake in the Turkish mobile operator Turkcell to TeliaSonera.

According to official sources, Cukurova and Alfa have agreed on transactions relating to the shareholding and governance of Turkcell Holding and Turkcell. TeliaSonera has previously initiated legal proceedings against Cukurova for breach of an agreement to sell all its shares in Turkcell Holding to TeliaSonera and for breach of the shareholders’ agreement regarding Turkcell Holding. TeliaSonera continues with full force to defend its rights in those proceedings.

The transactions between Cukurova and Alfa have now materialized to such a degree that TeliaSonera has decided to take legal actions also against Alfa.

Immediately after the disclosure in March about the agreement between TeliaSonera and Cukurova about TeliaSonera’s purchase of an effective 27 percent interest in Turkcell, Alfa confirmed their ambitions and actions to make an alternative transaction come through despite the existing agreement.

Alfa has taken actions with the knowledge of the disclosed agreement between TeliaSonera and Cukurova and of the disclosed content of the shareholders’ agreement between the parties, including inter alia a right of first refusal should any of the parties desire to sell shares in Turkcell Holding. Alfa has thereby according to TeliaSonera’s view intentionally interfered with the relationship between Cukurova and TeliaSonera and made Cukurova to breach the March agreement and the shareholders’ agreement.

TeliaSonera will sue Alfa for tortious interference as Alfa in TeliaSonera’s view, despite knowledge of TeliaSonera’s agreement with Cukurova to purchase all Cukurova’s Turkcell Holding shares and the shareholders’ agreement regarding Turkcell Holding, interfered in those contractual arrangements in such a way that Alfa legally becomes liable for damages.

Tortious interference means a situation where for instance a third party intentionally damages the contractual or other business relationship between two other parties.

www.worlditreport.com

Борьба между «Альфа-групп» и TeliaSonera теперь обост

«Альфа-групп» приобрела 13% акций крупнейшего турецкого оператора мобильной связи Turkcell Iletisim Holding AS у Cukurova Group. Этот пакет станет для «Альфы» разменной монетой в борьбе за российского оператора «Мегафон». Скандинавский концерн TeliaSonera подает иск против российской компании.

«Альфа-групп» завершила сделку по приобретению у турецкого холдинга Cukurova Group пакета акций сотового оператора Turkcell. За 13-процентный пакет российская компания перечислила $1,6 млрд. Кроме того, «Альфа» предоставит Cukurova заем на $1,7 млрд. для погашения задолженностей компании перед правительством Турции.

Согласно соглашению между «Альфа-групп» и Cukurova Group, в рамках многоступенчатой сделки на общую сумму $3,3 млрд. «Альфа-групп» предоставит Cukurova Group заем на шесть лет в размере $1,707 млрд. и выкупит конвертируемые облигации на сумму $1,593 млрд., которые в дальнейшем могут быть конвертированы в акции Turkcell Holding. Представители «Альфы» пока предпочитают не комментировать покупку.

Скандинавская TeliaSonera, владеющая 37,3% акций Turkcell, пыталась помешать завершению этой сделки. Компания обратилась в международный арбитражный суд при торговой палате в Женеве с просьбой наложить запрет на продажу акций Turkcell.

Ранее TeliaSonera планировала выкупить 27% акций мобильного оператора у Cukurova и таким образом получить контрольный пакет. Компаниям даже удалось договориться.

Но соглашение, предусматривающее передачу акций за $3,1 млрд, было расторгнуто турецкой стороной, так как «Альфа» сделала более выгодное предложение. Накануне TeliaSonera была вынуждена отозвать из швейцарского суда требование запретить сделку между Turkcell и «Альфа-групп», чтобы не быть связанной финансовыми обязательствами перед обремененной долгами Cukurova.

Но сдаваться менеджмент скандинавской компании не собирается.

TeliaSonera подает очередной иск против «Альфа-групп» о возмещении ущерба, который был причинен российской компанией после ее вмешательства в переговорный процесс между TeliaSonera и Cukurova о приобретении 27% акций Turkcell.

То, что «Альфа» решилась на завершение турецкой сделки, неудивительно, отмечают эксперты.

«Перспективы исков TeliaSonera с самого начала были невелики, – говорит аналитик компании “Атон” Елена Баженова. – Действительно, между TeliaSonera и Cukurova была достигнута договоренность о продаже акций Turkcell. Но никаких документов подписано не было. Действия “Альфы” выглядят как агрессия. Но с юридической точки зрения ни “Альфа”, ни Turkcell ничего не нарушали».

По мнению аналитиков телекоммуникационного рынка, интерес «Альфа-групп» к вхождению в капитал турецкого оператора объясняется не столько широкими перспективами местного рынка, сколько возможностью осложнить бизнес компании TeliaSonera.

Скандинавский концерн владеет 35,6% акций российского сотового оператора «Мегафон». А «Альфа» с переменным успехом судится с офшорным инвестиционным фондом IPOC, зарегистрированным на Бермудах, за 25,1% акций «Мегафона». Причем TeliaSonera в корпоративном конфликте заняла сторону бермудского офшора.

«У “Альфа-групп” конфликты во всех телекоммуникационных компаниях, которыми она владеет, – отмечает аналитик Financial Bridge Ирина Филатова. – Пакет акций Turkcell станет для российской компании разменной монетой. На эти акции “Альфа” может обменять долю TeliaSonera в “Мегафоне”.

“Альфа” хорошо подготовилась к этой сделке. Думаю, что решающим фактором для турецкой экспансии российской компании стало присутствие на рынке Турции ее партнера по оператору “Мегафон” – TeliaSonera», – добавляет аналитик компании «Атон» Елена Баженова.

Эксперты уверены, что теперь борьба между «Альфа-групп» и TeliaSonera за активы турецкого и российского операторов мобильной связи обострится. «В ближайшее время турецкий конфликт перенесется на “Мегафон”, – прогнозирует Елена Баженова. – Позиции “Альфы” в противостоянии с TeliaSonera усилились после покупки акций Turkcell. У TeliaSonera нет контрольного пакета акций ни в “Мегафоне”, ни в Turkcell. Между тем эти активы – одни из самых быстро растущих в бизнесе скандинавской компании. Хотя бы в одном из них TeliaSonera нужно получить контроль».

Михаил Краснов
Источник: Газета.ру

Telecoms minister becomes embroiled in MegaFon dispute

In a sworn statement to courts in the British Virgin Islands, Danish lawyer Jeffrey Galmond has alleged that Russia’s telecoms minister Leonid Reiman was a principal beneficiary of Liechtenstein-based Fiduciare Commerce Trust (FCT) that, until 2003, held shares in one of Russia’s biggest privately owned telcos, Telecominvest. According to the Financial Times, Galmond has provided testimony that he established FCT in 1997 to hold stock in First National Holdings, which controlled Telecominvest, making Reiman the ‘primary beneficiary under the terms of a letter of wishes’. He goes on to say that Reiman, then a director of Telecominvest, stood to make a gain from the proposed sale of First National Holdings’ shares worth USD150 million to PLD Telekom. The deal subsequently collapsed following the Russian financial crisis of August 1998, although Mr Galmond says FCT swapped its First National Holdings for non-voting shares in Comtel Eastern in December 2001, which it held until they were redeemed in October 2003 – since when the trust has been dormant. As a result, no appointments and no distributions were made to Mr Reiman.

The details of the Danish lawyer’s affidavit may be crucial in determining the outcome of a legal challenge, which begins in the British Virgin Islands today, in the ongoing battle for a stake in Russian mobile operator MegaFon. Russia’s Alfa Group is vying for a stake of the cellco, in which both Telecominvest and TeliaSonera hold shares. Galmond’s statement has now been produced to prove that Mr Reiman was linked to Telecominvest: the minister has always denied a link but has struggled to shake off allegations of involvement in criminal and corrupt activities. However, Mr Galmond contends that he is the owner of the First National Holding shares and other stakes in MegaFon held via IPOC, a Bermuda-based fund. IPOC is challenging last year’s sale of a 25% interest in MegaFon to Alfa Group by British Virgin Islands group LV Finance. It has won an arbitration in Geneva, but has lost a court case in the Bahamas and is facing separate arbitration in Zurich. As a result it is continuing its fight in the British Virgin Islands, even though LV Finance and Alfa have countered that IPOC it using monies derived from money laundering to underpin its appeal.

www.telegeography.com

Tele-Operators To Pay Consumers for Faulty Service

If passed, operators would have to pay customers 15 euros at the beginning of each week of unsatisfactory service, up to a maximum of 120 euros.

“The principle at stake is the protection of consumer rights,” says Minister of Transport and Communications, Susanna Huovinen. “In my opinion it’s obvious that there have been clear shortcomings in the way operators have handled consumer rights.”

Under the new plan, consumers would have to apply for the reimbursement. Operators lobbied to have the original text changed, under which a simple fault notification would automatically have required them to issue a 15-euro payment.

The revised bill will be presented for Parliament’s approval before the end of the year.

YLE24

Dingęs “Lietuvos telekomo” teikiamas ryšys Klaipėdoje sukėlė sumaištį

Vakar nuo aštuntos valandos ryto iki pat vakaro nebuvo galima pasinaudoti bankų mokėjimo kortelėmis dviejuose šimtuose bankomatų ir kortelių atsiskaitymo aparatų.

Pirmiausiai šį gedimą pajuto atėjusieji apsipirkti į parduotuves. Atstovėję ilgas eiles žmonės negalėjo banko mokėjimo kortelėmis atsiskaityti už prekes.

Kildavo netgi kivirčai tarp kasininkių ir pirkėjų. Kasininkės aiškindavo, kad ne jos čia kaltos. Pirkėjai piktinosi, kodėl niekas apie gedimą nepasakė anksčiau.

Prie kasų buvo pakabinti kompiuteriu atspausdinti lapai, kad banko mokėjimo kortelėmis atsiskaityti negalima. Tačiau retas į tokį užrašą atkreipė dėmesį.

Negalėdami atsiskaityti už prekes, žmonės jas palikdavo kasoje. Ant šalia kasų esančių staliukų nuolat susikaupdavo nenupirktų prekių krūvelės.

Prekybos tinklo „Iki“ komunikacijos direktorius Robertas Šuliauskas sakė, kad dar nežinoma, kiek dėl ryšio sutrikimų buvo patirta nuostolių. Tačiau jei jų bus, tuomet kreipsis į „Lietuvos telekomą“ dėl nuostolių kompensavimo.

Susinervinusių ir kompiuterius keiksnojančių žmonių buvo galima pamatyti ir šalia bankomatų.

„Lietuvos telekomo“ atstovas spaudai Rosvaldas Gorbačiovas sakė, kad sugedo Klaipėdoje esanti centrinė duomenų perdavimo procesorinė plokštė. Todėl sutriko duomenų perdavimas, skirtas aptarnauti bankų mokėjimo korteles.

Tai pirmas toks rimtas gedimas Klaipėdoje. Jo priežastys dar neišaiškintos.

R.Gorbačiovo teigimu, šiandien jau visur turėtų būti galima atsiskaityti mokėjimo kortelėmis.

Vincas Grigas, “Klaipėda”

Rytą Vilniuje sutriko „Lietuvos telekomo“ DSL ryšys

TeliaSonera forced to drop order preventing Cukurova selling Turkcell shares

STOCKHOLM (AFX) – TeliaSonera AB said it has been forced to abandon a legal order preventing the Turkish Cukurova Group from selling its shares in Turkcell Iletisim Hitzmetleri AS to a third party.

TeliaSonera asked the International Court of Arbitration in Geneva to implement the order in October, on fears Cukurova might sell some or all of its 27 pct holding if it losses the ongoing arbitration hearing.

TeliaSonera said it has now asked the Court to lift the order after learning it would be forced to provide Cukurova with a loan of 700 mln usd to prevent it defaulting on debts of 1 bln usd to the Turkish government if the order remained in place.

Granting such interim measures normally requires that the party requesting the order to provide security for any damages the order might cause, said TeliaSonera.

TeliaSonera said: ‘Due to the lack of financial security for a loan, Cukurova’s disinterest in arranging other types of security measures and Cukurova’s unstable financial situation, TeliaSonera has decided to not provide such a loan without sufficient security and has instead withdrawn the request for interim measures.’

The Geneva arbitration hearing follows Cukurova’s announcement in June that it had reached a ‘final agreement’ with Russian holding company Alfa Group to sell it a 13.22 pct stake in Turkcell for 3.3 bln usd. TeliaSonera said in March that it had an agreement with Cukurova to pay 3.1 bln usd for 27 pct of Turkcell, taking its total holding to 64.3 pct.

A spokesman for TeliaSonera said the company would not comment on whether the withdrawal of the restraining order makes it more likely that Cukurova will now seek to proceed with the sale of the 13.22 pct Turkcell holding to Alfa.

‘You had better ask them that,’ said the spokesman, whilst reiterating that Teliaonera will continue to ‘defend its rights’ in Geneva.

The troubled Cukurova group has recently defaulted on its fourth monthly payment of 135 mln usd to the Turkish government. According to a revised debt agreement between it and the Turkish government, after four defaults, the company’s debt to the state will revert to an earlier 1.1 bln usd level, and leave the Turkish government open to commence action against the company.

stockholm@afxnews.com