Cukurova Chairman May Redeem Turkcell Stake, Says Court


News: The UK Privy Council has given Cukurova Chairman Mehmet Emin Karamehmet the right to buy back a 13.8% stake in Turkish mobile operator Turkcell. The court added that Cukurova defaulted on a US$1.35bn loan from Russia's Altimo, which acquired the stake as a repayment for the 2005 loan. The court, in the ruling on the six-year-old dispute, said that Cukurova can redeem the stake by repaying the loan, in addition to interest and costs. The court has asked the two firms for the submission of more information in order to take a final decision on the case.

This article is tagged to:
Sector: Telecommunications
Geography: Turkey, Turkey, Turkey, Turkey