July 9, 2013 / 9:00 AM / 5 years ago

UK court says Cukurova must pay $1.565 bln to redeem Turkcell shares

LONDON, July 9 (Reuters) - A British court ruled on Tuesday that Turkey’s Cukurova Group must pay $1.565 billion within 60 days to Russian telecoms firm Altimo to redeem Turkcell shares over a defaulted loan, in a step to end an eight-year dispute between major shareholders.

Turkcell shares rose 3.57 percent after the ruling.

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 Britain’s Privy Council. It is the final court of appeal for many Commonwealth countries, including the British Virgin Islands. (Reporting by Estelle Shirbon; Writing by Seda Sezer)

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