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TeliaSonera Can’t Seek $932 Million Cukurova Award in US

TeliaSonera AB, Sweden’s largest phone operator, was barred from enforcing a $932 million Swiss arbitration award in the U.S. over a botched sale of a stake in Turkcell Holding AS, which controls Turkey’s biggest mobile-phone service.

Cukurova Holding AS, the Istanbul-based company that negotiated the sale of its Turkcell stake in 2005 and then failed to deliver the shares, has insufficient ties to the U.S. to establish legal jurisdiction, a federal appeals court in Manhattan ruled today, overturning a lower court.