Support The Moscow Times!

More VimpelCom Stock Frozen

The High Court of the Isle of Man has expanded the number of frozen Altimo shares in mobile operator VimpelCom from 2.7 percent to 3.68 percent, worth $900 million, Altimo said in a statement posted on the Securities and Exchange Commission's website Wednesday.

Altimo, a subsidiary of Alfa Group, owns 47.85 percent of the telecom group's voting stock, Vedomosti reported.

The court imposed the restrictions at the request of Kyrgyz Mobil Tel, Flaxendale and George Resources, which are involved in a dispute with Altimo over the assets of Kyrgyz mobile phone operator Bitel.

In December 2005, these three companies were acquired by phone operator MTS for $150 million.

At that time, they controlled Kyrgyzstan's biggest GSM operator Bitel. But almost immediately after the deal the Kyrgyz Supreme Court ruled that Bitel belonged to Russian state-owned company Rezervspetsmet, which MTS suspected of being backed by Altimo.

Rezervspetsmet later sold its stake in Bitel to Sky Mobile, which was subsequently acquired by Alfa Group.

(MT)

… 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