TEE: TeliaSonera AB: TeliaSonera comment on the Privy Council’s decision
related to Turkcell
UK Regulatory Announcement
TeliaSonera (OSE:TEL) (STO:TLSN) (HEX:TLS1V) (LSE:TEE) (Nasdaq:TLSN) welcomes
today’s decision by the Privy Council stating the terms under which Çukurova
can recover the disputed shares in Turkcell Holding from Altimo, as it is
expected to be another important step towards a long overdue resolution of the
deadlock between the shareholders in Turkcell. At the same time, before any
redemption of shares can be made, TeliaSonera expects Çukurova to meet its
obligations under the 2011 ICC arbitration award.
The Privy Council decision does not resolve the disputes that TeliaSonera has
with Çukurova regarding those same shares. On 1 September 2011, an
International Chamber of Commerce Arbitral Tribunal awarded TeliaSonera $932
million in damages, plus interest and costs, for Çukurova’s failure to deliver
to TeliaSonera the Turkcell Holding shares as required under a share purchase
agreement between the parties. That award has been converted into a judgment
in New York, the British Virgin Islands, England and the Netherlands.
Çukurova has not made any attempt to honor its obligations and the New York
court has taken steps to preserve assets that might be used to satisfy the
award. Those steps include an order for Çukurova not to sell, transfer,
assign, hypothecate or pledge Çukurova’s funds and property which should be
used to honor its obligation to TeliaSonera. TeliaSonera will continue to
vigorously pursue collection of the award.
TeliaSonera AB discloses the information provided herein pursuant to the
Swedish Securities Markets Act and/or the Swedish Financial Instrument Trading
Act. The information was submitted for publication at 3.15 pm CET on July 9,
Statements made in the press release relating to future status or
circumstances, including future performance and other trend projections are
forward-looking statements. By their nature, forward-looking statements
involve risk and uncertainty because they relate to events and depend on
circumstances that will occur in the future. There can be no assurance that
actual results will not differ materially from those expressed or implied by
these forward-looking statements due to many factors, many of which are
outside the control of TeliaSonera.
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