Norway's Telenor has complied with Russian law in its efforts to control No. 3 mobile operator VimpelCom, a Telenor executive said Thursday.
Telenor boosted its voting stake in VimpelCom to 36.36 percent in mid-February, taking back partial control of the company from Altimo, the telecom arm of Alfa Group, with which it has fought a years-long corporate battle.
The Federal Anti-Monopoly Service filed a lawsuit in Moscow in April arguing that the deal violated Russia's strategic investment law. The service said last month that it was pushing for an out-of-court settlement between the shareholders of VimpelCom.
"We believe that our actions were fully in line with Russian law, and there are no grounds for us to change our stance," Kjell-Morten Johnsen, Telenor executive vice president and head of European operations, told Kommersant.
Johnsen also said that the fight has not influenced VimpelCom's ability to pay its debts and that the dispute can be resolved.
"I don't think the situation is really serious at the moment," Johnsen said. "The existing differences could be resolved. There are no grounds for a flare-up and for the conflict to be dragged on for a very long period of time."
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.