Owners of Beeline captured the largest Sotovik Turkey

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"Alfa Group", one of the largest shareholders of "VimpelCom", has made the Caribbean Court of recognition of their rights to a controlling stake in Turkey’s largest mobile operator Turkcell. The court ordered the Turkish Cukurova to transfer the shares in Turkcell as the repayment of $ 1.45 billion

The Eastern Caribbean Supreme Court upheld an appeal belonging to "Alfa Group" offshore Alfa Telecom Turkey on the judgment of the BVI, failed last year, the Russians claim against the Turkish group Cukurova (in the person of offshore Cukurova Finance International). According to the information included in the "Alfa Group" holding Altimo, the court found the Russians are now the legal owner of a controlling stake in Turkey’s largest mobile operator Turkcell (judgment available to the CNews).

Place the proceedings selected due to the fact that the plaintiff and the defendant registered in the British Virgin Islands. The suit is a 51% stake in offshore Cukurova Telecom Holdings (CTH, also registered in that jurisdiction), which owns 53% stake in Turkcell Holdings — the owner of a 51% stake in Turkey’s largest mobile operator Turkcell.

"Alfa Group" acquired in 2005 from Cukurova 49% of CTH for $ 1.6 billion, while the Turks issuing a loan of $ 1.7 billion on security of the remaining stake in CTH. Two years later, the "Alpha" has counted 16 points breaches the loan agreement by the Cukurova, demanding to give her the pledged shares. Cukurova invited "Alpha" to redeem the remaining amount of the loan by $ 1.45 billion to form this pool of investors, led by JP Morgan. However, the Russians have refused to take the money and filed a lawsuit in the Caribbean Court for recognition of their rights to the shares.

The hearing lasted four years: first, the court decided that before you apply for shares of Turkcell, the Russians need to register in its register of shareholders. In 2008, the "Alpha" successfully challenged the verdict. A year later, the judge concluded that Cukurova really violated the terms of the loan agreement, however, and the "Alfa Group" acted maliciously, in connection with which to satisfy the demands were refused. In 2010, the Commercial Tribunal of the Supreme Court of the British Virgin Islands considered that Cukurova has not violated any breach of the loan, or "Alpha" does not behave maliciously.

"Alfa Group" for the debts attached to itself the Turkish mobile operator Turkcell

Now the court fully satisfied the requirements of the "Alpha", although Cukurova is still possible to appeal against the decision. In addition, the Turkish authorities have recently filed a tax claim against Cukurova in the amount of $ 1.1 billion, as part of collateral began to arrest the group’s assets, including its stake in Turkcell.

At Turkcell is the third shareholder — the Swedish-Finnish TeliaSonera, which together owned 40% of mobile operator (47% stake in Turkcell Holdings and 13% of Turkcell shares directly). First, the Scandinavians sought to challenge the deal with Cukurova "Alpha": in its claims of Geneva and Vienna arbitration ordered Cukurova to sell Scandinavians CTH owned a 53% stake Turkcell Holdings. These solutions have not been fulfilled, since the disputed shares already owned by the "Alpha", and in 2009 the "Alpha" and TeliaSonera agreed to merge their assets in "MegaFon" and Turkcell. Now both sides are fighting for Cukurova operational control of Turkcell, in particular, TeliaSonera has filed a lawsuit in a Turkish court for inclusion in the agenda of the annual shareholders’ meeting point of the re-election of the Board of Directors of the operator.

Turkcell — the leader of the Turkish mobile market, the total subscriber base — 60.4 million customers. Revenue in 2010 — $ 5.98 billion

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