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Owner Dispute at Turkcell

By The Moscow Times

Turkish mobile operator Turkcell again failed to hold an annual general meeting on Monday due to a long-running dispute between major shareholders, prompting a rebuke from its biggest owner.

Turkcell had already cancelled one meeting in May because a dispute between Turkey's Cukurova and Russia's Altimo Group stopped them from appointing a representative for a joint shareholding.

Nordic telecom group TeliaSonera, Turkcell's biggest shareholder with 38 percent, lashed out at the failure to hold the meeting, saying that it was very disappointed and that a solution to the ownership disputes was long overdue.

The deadlock has left Turkey's biggest mobile operator unable to agree on the composition of its board, preventing the approval of accounts and distribution of dividends as well as the pursuing of a coherent growth strategy.

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