November 29, 2016 / 12:20 PM / a year ago

Turkey's Cukurova, Alfa "back to square one" with Turkcell deadlock - source

ISTANBUL, Nov 29 (Reuters) - Turkey’s Cukurova and Russia’s Alfa are “back to square one” in a longstanding dispute over a stake in Turkish mobile carrier Turkcell, a source familiar with Cukurova’s thinking said on Tuesday.

Alfa, owned by Russian billionaire Mikhail Fridman, is unable to purchase the disputed shares from Cukurova due to a legal injunction, Fridman’s investment vehicle Letter One said in a statement earlier on Tuesday.

“We are back to square one,” the source said. He said Cukurova believed that Alfa’s reasons for not buying the stake were “excuses” and that the legal injunction should not have prevented the transaction.

Reporting by Can Sezer; Writing by Daren Butler; Editing by Nick Tattersall

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