Jan 30 A British court ruled on Wednesday that
Russian telecoms firm Altimo had been entitled to appropriate
shares in Turkcell over a defaulted loan, but said
Cukurova should have an opportunity to redeem the shares "on
The Judicial Committee of the Privy Council also said it had
asked the parties for more information and would make a further
decision at an unspecified date, which would deal with the terms
upon which Cukurova could redeem the shares.
Cukurova, a holding company of Turkish tycoon Mehmet Emin
Karamehmet, is registered in the British Virgin Islands which is
why the case is being dealt with by the Privy Council. It is the
final court of appeal for many Commonwealth countries, including
the British Virgin Islands.