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Mobil'nye TeleSistemy OAO's Uzbek Subsidiary Files Petition to Declare Bankruptcy-SKRIN

Wednesday, 16 Jan 2013 12:56am EST

SKRIN reported that Mobil'nye TeleSistemy OAO's wholly-owned subsidiary in Uzbekistan Uzdunrobita FE LLC (Uzdunrobita) has filed a petition to declare bankruptcy in the Tashkent Commercial Court. In accordance with the laws of the republic of Uzbekistan, a petition to declare bankruptcy was filed due to Uzdunrobita’s inability to fulfill obligations pursuant to the verdict of the Tashkent City Criminal Court from September 17, 2012, in relation to the criminal case against Uzdunrobita's employees and to the decision of the Appeals Court of the Tashkent City Criminal Court from November 08, 2012, which determined the total amount of fines and penalties to be paid by Uzdunrobita to be at approximately USD 600 million. In accordance with the court verdict of the Appeals Court of the Tashkent City Criminal Court from November 08, 2012, funds in the amount of approximately USD 150 million have already been recovered by law enforcement agencies from Uzdunrobita’s bank accounts.

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