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Vimpelcom prohibited from paying dividends and taking credit

15:47 25/05/2012

MOSCOW, May 25 - RAPSI. The Moscow Commercial Court has prohibited Vimpelcom (Beeline brand) and its parent firm Vimpelcom Ltd. from paying $597.2 million in dividends as of 2011, the Kommersant newspaper report on Friday.

The companies have also been ordered not to take loans or make various other management decisions.

The Moscow Commercial Court had previously imposed limitations against Vimpelcoms shares as part of the Federal Antimonopoly Service's lawsuit against Vimpelcom Ltd. shareholders.

Particularly, the court prohibited Vimpelcom Ltd. and Vimpelcom Holdings (which hold a 99.9-percent in Vimpelcom) from voting with its shares in the company on a number of issues.

It also banned Telenor and Weather Investments, who are Vimpelcom's shareholders, from making changes to the companys board or implementing an option agreement between shareholders.

According to Kommersant, the corresponding execution list was submitted under the commercial court's decision, issued under the third application of the service imposing injunctive measures. At the same time, according to the newspaper, the Moscow Commercial Courts card file had no information about the service's third appeal or on its satisfaction on Thursday.

The watchdog submitted a lawsuit against Telenor in Russia claiming to invalidate its acquisition of Vimpelcom's shares from Weather Investments, which is owned by Egyptian businessman Nagib Sawiris. Following the transaction, Telenor increased its stake in Vimpelcom Ltd. to 36.36 percent from 25.01 percent.

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Vimpelcom prohibited from paying dividends and taking credit

15:47 25/05/2012 The Moscow Commercial Court has prohibited Vimpelcom (Beeline brand) and its parent firm Vimpelcom Ltd. from paying $597.2 million in dividends as of 2011.
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