Support The Moscow Times!

Altimo Eyes Turkcell

ISTANBUL — Altimo, the indirect owner of 13.2 percent of Turkcell Iletisim Hizmetleri, Turkey's biggest mobile phone operator, said it may seize another 13.7 percent if Cukurova Holding fails to pay $1.45 billion in debt by early March.

The potential seizure is based on a decision in September by the Eastern Caribbean Court of Appeal, said Mustafa Kiral, vice president for mergers and acquisitions at Altimo, the telecommunications investment firm controlled by Alfa Group.

Cukurova Holding, owned by chairman Mehmet Emin Karamehmet, controls Turkcell Iletisim through a complex structure. Cukurova signed a $3.3 billion agreement with Altimo in 2005 to finance payment of debt owed to the Turkish government because of its collapsed Pamukbank.

(Bloomberg)

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

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 you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Once
Monthly
Annual
Continue
paiment methods
Not ready to support today?
Remind me later.

Read more