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Neocorp Inc hits Tele2 Russia with $93 mln action

12:45 11/03/2012

MOSCOW, March11 - RAPSI, Sergei Feklyunin. The Moscow Commercial Court has registered a lawsuit by Neocorp Inc, owning telecommunication assets in the CIS, to recover $92.8 million from Tele2 Russia.

The court did not specify the subject in dispute. The lawsuit was filed on March 6, its hearing date has yet to be determined.

The business media reported in March 2011 that Neocorp Inc filed a lawsuit against Tele2 to the Stockholm Arbitration Tribunal. The plaintiff demanded that Tele 2 execute a contract on buying out Orvell, holding a 100 percent stake in Stroitelno-Montazhnoye Upravleniye Podvizhnoy Svyazi, for $38 million.

Neocorp Inc maintains that the transaction which was declared but never concluded helped the mobile operator win a number of biddings for GSM frequencies in Russia. There have been no reports on the trial outcome.

RAPSI has not reached the parties for comments.

Tele 2 Russia is a subsidiary of Tele2, a Swedish telecommunication holding company. Tele 2 services around 33 million subscribers in 11 countries. Tele 2 Russia has been operating in Russia since 2003 and now controls 17 regional operators. It is the fourth by the number of subscribers in Russia.

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Neocorp Inc hits Tele2 Russia with $93 mln action

12:45 11/03/2012 The Moscow Commercial Court has registered a lawsuit by Neocorp Inc, owning telecommunication assets in the CIS, to recover $92.8 million from Tele2 Russia.
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