January 30, 2013 / 1:20 PM / 5 years ago

CORRECTION-UK court gives Cukurova chance to redeem Turkcell shares

Jan 30 (Reuters) - 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 appropriate conditions”.

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.

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