Cukurova won a court in the Russian Alfa in the struggle for the operator Turkcell
Turkish Cukurova Group, owned by Mehmet Karamehmet, won a court case against the Russian Alfa Group in the fight for control of the mobile operator Turkcell, which is the largest in the Turkish market. However, to celebrate the victory of the well-known Turkish businessman is too early - in fact, the role of the authorities in Turkey, which can interfere with Cukurova. British court, where the trial was conducted between Alfa and Cukurova, ruled, under which the latter has to pay 1.56 billion dollars to get a share in Turkcell from Alpha .
Recall that initially insisted Cukurova 1.5 billion, while Alpha talked about estimating the share of 3 billion dollars. According to the report of the Judicial Committee of the Privy Council of Great Britain , Cukurova Finance International (CFI) shall, within 60 days to pay $ 1.565 billion Alfa Telecom Turkey (through the structure "Alfa Group" owns in Turkcell) to return control of the 13.8% stake in Turkey's largest mobile operator. amount includes $ 540.6 million of interest accrued on the loan, $ 3,000,000 of costs incurred by the Alfa Group, minus 328.9 million dollars that Cukurova has already paid in March 2013, the report says Altimo, the managing telecom assets of "Alfa Group".
During the controversial package Cukurova and Altimo are suing seven years. In 2005, Alfa-Group bought a 49% CTH at Cukurova and gained indirect control over 13,2% Turkcell. Then Alpha provided Cukurova credit for $ 1.35 billion bail-owned Turkish group of the package 51% of CTH, which was equivalent to 13,8% Turkcell.
But in April 2007, Altimo appealed to the Court of the British Virgin Islands, claiming that Cukurova has violated the loan agreement, and demanded the immediate return of the debt. Cukurova has made such an attempt, promising to repay the loan together with interest at 1.446 billion, Altimo but then refused, arguing that the right to early redemption has expired.
At the end of January this year, the Judicial Committee of the Privy Council of the United Kingdom acknowledged that Cukurova defaulted loan on 1352000000 issued by her Alfa Group in 2005 under a pledge 13,8% Turkcell. The court is not to foreclose on the stock.
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