UK court dismisses appeal by Cukurova in Turkcell ownership dispute
ISTANBUL May 13 (Reuters) - A British court on Tuesday dismissed an appeal by Turkey's Cukurova Holding in a dispute with TeliaSonera over the ownership of Turkey's biggest mobile phone operator Turkcell.
The UK Privy Council threw out Cukurova's appeal against an order from a court in Geneva to pay $932 million in damages to TeliaSonera for failing to execute a 2005 agreement to sell its 53 percent stake in Turkcell Holding to TeliaSonera.
Cukurova appealed to the UK Privy Council to rule on whether the Geneva tribunal had the jurisdiction to make the demand for damages, which Cukurova disputes.
The Privy Council is involved because Cukurova Finance International is registered in the British Virgin Islands, part of the British Commonwealth, a grouping of countries which are mostly former territories of the British Empire.