Telenor Must Pay $1.7B In Damages: Russian Court

Law360, New York (February 20, 2009, 12:00 AM EST) -- A Russian appeals court on Friday found Norwegian telecommunications giant Telenor ASA liable for $1.7 billion in damages, reducing the $2.8 billion a lower court awarded, in a case alleging Telenor subsidiary VimpelCom delayed the acquisition of a Ukrainian mobile operator.

The decision was passed down on Friday in the Eighth Arbitrazh Appellate Court in Omsk, Siberia. After the decision was issued, Telenor said in a statement that it would fight the court’s ruling on appeal.

"Today's court decision is a serious violation of Telenor's lawful...
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