November 30, 2016 / 2:25 PM / a year ago

Turkcell shareholder Cukurova accuses Russian rival of arbitration violation

ISTANBUL, Nov 30 (Reuters) - Turkey’s Cukurova Holding on Wednesday accused its rival shareholder in Turkcell of violating an arbitration ruling by failing to buy out its stake in the company, another salvo in a decade-long struggle for the mobile operator.

Cukurova, which is owned by Turkcell’s founder, said it reserved all of its rights following the failure of Russian billionaire Mikhail Fridman’s LetterOne Technology to buy the disputed stake by a court-appointed deadline.

On Tuesday, LetterOne said it was prevented from buying the stake - and thus ending a protracted shareholder battle with Cukurova - by a separate injunction in the British Virgin Islands that barred the transfer of the shares.

As part of Turkcell’s labyrinthine share structure, Fridman’s interests are held through a subsidiary, Alfa Telecom Turkey. (Reporting by Humeyra Pamuk; Editing by David Dolan)

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