January 30, 2013 / 11:02 AM / in 5 years

Cukurova should be compensated for forfeited Turkcell shares -court

LONDON, Jan 30 (Reuters) - A British court ruled on Wednesday that Russia’s Altimo had been entitled to appropriate shares in Turkcell from Turkey’s Cukurova over a defaulted loan, but said Cukurova should be compensated and it could not yet give an amount.

The Judicial Committee of the Privy Council said it had asked the parties for more information and would make a further decision at an unspecified date, which would deal with the terms upon which compensation will be granted to Cukurova.

Cukurova, a holding company of Turkish tycoon Mehmet Emin Keremehmet, is registered in the British Virgin Islands which is why the case is being dealt with by the Privy Council. It is the final court of appeal for many Commonwealth countries, including the British Virgin Islands.

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