The Moscow arbitration court has issued a new injunction order prohibiting telco VimpelCom and its wholly-owned subsidiaries from giving effect to resolutions passed at the recent annual general meeting.
VimpelCom, founded in Russia and now based in…
The Moscow arbitration court has issued a new injunction order prohibiting telco VimpelCom and its wholly-owned subsidiaries from giving effect to resolutions passed at the recent annual general meeting.
VimpelCom, founded in Russia and now based in Amsterdam, announced “the new expanded injunction order” today, confirming it adds to earlier restrictions imposed by the court in relation to the dispute between shareholders Telenor and Weather Investments II and antitrust regulator, FAS.
VimpelCom said the new order prohibits the company, wholly-owned subsidiaries, OJSC VimpelCom and Vimpelcom Holdings and their respective management bodies from actioning resolutions passed at the 21 May AGM.
These include a prohibition on paying dividends to VimpelCom shareholders based on the company’s 2011 financial results and on transferring cash intended for dividend payments to accounts owned by OJSC VimpelCom or other companies with foreign banks.
The order also prohibits external auditors elected at the AGM from carrying out the company’s instructions, the OJSC VimpelCom board of directors from exercising their powers pursuant to the company charter and other actions related to the transfer of certain funds from OJSC VimpelCom.
The FAS brought the matter before the court in April, alleging Telenor breached investment laws when it bought 234 million VimpelCom preferred shares from Weather II for US$374.4m in February.
A court hearing on the FAS claim is set to take place on 17 October and the injunction will remain in force until it reaches a decision.
VimpelCom said it is consequently considering deferring paying its previously-declared dividend “to help ensure appropriate liquidity” and delaying its next AGM.
The company said its supervisory board would review both matters at a meeting on 31 May.
The Russian government commission on foreign investment has expressed its support for the FAS’ position.
