The court injunction, set on Turkcell stocks, forced the company LetterOne (L1), owned by Mr. Friedman, to freeze the deal, as Rambler News Service informs.
The court injunction, set as far back as 2011 by the company Telia, resulted impossible to revoke by the Turkish company Cukurova. The Swedish company Telia, as the owner of 47% of Turkcell stocks, set a court injunction on those stocks due to non-payment of Cukurova’s debt.
The L1 Company’s press release specifies that the there is no more legal means for buying out Turkcell stocks.
“The L1 company tried for some time to find the way out of the deadlock with Turkcell shareholders and to make it possible to manage company for the benefit of all shareholders”, as commented on by Alexei Reznikovich, Managing Partner at L1 Technology.
At the same time, it turned out just before that Mr. Friedman’s company did not exercise the right to buy out the Turkcell share from the Cukurova Holding, the Group owned by the Turkish businessman Mehmet Karamehmet. The LetterOne’s right to buy out the Turkish operator’ share expired on November 28.
