Telenor Loses Attempt To Stay $1.7B In Damages

Law360, New York (April 28, 2009, 12:00 AM EDT) -- Telenor ASA said Tuesday it had lost an appeal in a Siberian court to stay the collection of more than $1.7 billion in damages, as the Norwegian telecommunications giant fought what it calls an illegal judgment in a competition case in Russian courts.

Telenor was sued in 2008 by British Virgin Islands-based Farimex, which accused Telenor of financially harming VimpelCom, Russia's second-largest mobile phone operator, by delaying VimpelCom’s $231 million acquisition of Ukrainian Radio Systems in 2005.

Farimex's lawsuit says Telenor-appointed members sitting on VimpelCom’s board...
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