January 30, 2013 / 11:21 AM / in 5 years

Cukurova says UK court rules in its favour over Turkcell

ISTANBUL, Jan 30 (Reuters) - Turkey’s Cukurova said on Wednesday a British court had ruled in its favour in litigation with Russia’s Altimo over a disputed stake in Turkcell , saying the ruling meant it should be given the opportunity to repay a defaulted loan and recover its shares.

“In reaching its decision, the Privy Council confirmed that Alfa (Altimo) had entered into the transaction with the aim of obtaining control of Turkcell and had deliberately taken steps to prevent Cukurova repaying the loan to try to ensure that its goal was achieved,” Cukurova said in a statement.

Writing by Daren Butler

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