MOSCOW, July 9 (RAPSI) - The Judicial Committee of the Privy Council has ruled that Turkey's Cukurova Group must pay $1.565 billion to Russias Altimo, which manages Alfa Group's telecoms assets, Digit.ru reports on Tuesday citing court documents.

The payment needs to be made to recover around 27% of the Turkcell mobile operator's shares appropriated for a defaulted $1.45 billion loan issued by Altimo.

Altimo, which controls around 24% of Turkcell through a joint venture with Cukurova, provided financing to its partner in 2005, issuing a $1.707 billion six-year loan secured by its 51% stake in the joint venture. In 2007, Altimo demanded early repayment of the remaining $1.45 billion after the Turkish company failed to comply with the payment schedule.

Altimo went to court, which seized the pledged joint venture stock and confirmed Altimo's right to take over the 27% of Turkcell shares controlled through that stock unless Cukurova repaid the loan.

The court on Tuesday ordered Cukurova to pay the amount within 60 days or face forfeiture of the Turkcell shares.

Turkcell, the largest mobile service provider in Turkey is 47.09% owned by the Swedish-Finnnish company TeliSonera. Another 51% is controlled by Turkcell Holding, which is 52.9% owned by Cukurova Telecom Holdings Ltd, a joint venture of Cukurova (51%) and Altimo (49%).