November 29, 2016 / 9:25 AM / a year ago

Russian tycoon says blocked from taking control of Turkcell

ISTANBUL, Nov 29 (Reuters) - Russian billionaire Mikhail Fridman has no legal means to end a longstanding dispute over Turkish mobile carrier Turkcell, as he is unable to purchase shares from a rival shareholder due to a legal injunction, one of his companies said on Tuesday.

Fridman has been locked in a dispute for years with fellow shareholder Cukurova, run by Mehmet Emin Karamehmet, Turkcell’s founder and one of Turkey’s richest men. The dispute has prevented the payment of some dividends and hampered the company’s development.

Under a London court decision announced in August, Fridman’s company Alfa Telecom had a right to buy Cukurova’s stake in Turkcell. However, it has been prevented from doing so by the existence of an earlier injunction in the British Virgin Islands that forbids the transfer of the shares, Letter One, another Fridman company, said in a statement.

“There is therefore no legal means to purchase these shares and reinstate good corporate governance at Turkcell,” it said. (Reporting by David Dolan; Editing by Nick Tattersall)

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