ISTANBUL Nov 30 Turkey's Cukurova Holding on
Wednesday accused its rival shareholder in Turkcell
of violating an arbitration ruling by failing to buy out its
stake in the company, another salvo in a decade-long struggle
for the mobile operator.
Cukurova, which is owned by Turkcell's founder, said it
reserved all of its rights following the failure of Russian
billionaire Mikhail Fridman's LetterOne Technology to buy the
disputed stake by a court-appointed deadline.
On Tuesday, LetterOne said it was prevented from buying the
stake - and thus ending a protracted shareholder battle with
Cukurova - by a separate injunction in the British Virgin
Islands that barred the transfer of the shares.
As part of Turkcell's labyrinthine share structure,
Fridman's interests are held through a subsidiary, Alfa Telecom
(Reporting by Humeyra Pamuk; Editing by David Dolan)