On April 16, the Farimex Products Inc, the British Virgin Islands, recalled its appeal against the Telenor telecommunication company, Norway, on the payment of USD 1.73 billion in accordance with the case upon the acquisition of the Ukrainian Radio Systems company, Telenor said.
Thus, the Tiumen Federal Arbitration Court cancelled the resolution of the Eighth arbitration court of Omsk on the payment of USD 1.73 billion by Telenor and terminated all hearings on this case.
Farimex is a minority stockholder of the Russian VimpelCom, whose 32.9% belongs to the Russian Alfa Group, and 26.6% to Telenor.
As Ukrainian News earlier reported, on August 6, the Ninth Arbitration Appeal Court of Moscow rejected the appeal of the Dutch Telenor telecommunication company on the suspension of the court enforcement actions on the payment of USD 1.7 billion from Telenor to Russia’s VimpelCom in the case on the acquisition of the Ukrainian Radio Systems by the VimpelCom.
In February 2009, the Eighth arbitration court of Omsk obliged Telenor to pay USD 1.7 billion to Virgin Farimex in the case upon acquisition of Ukrainian Radio Systems by VimpelCom.
Farimex asked an arbitration court in the Khanti-Mansiysk autonomous region of Russia in April 2008 to order Telenor to pay USD 3.8 billion to Farimex as compensation for blocking an attempt by VimpelCom to acquire the Ukrainian Radio Systems company.
Farimex claimed that it incurred financial losses as a result of the delay in acquiring Ukrainian Radio Systems.
