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. Last Updated: 07/27/2016

Sweden: Turkcell Case Is a Legal Test

STOCKHOLM -- A disputed deal between Nordic group TeliaSonera and Turkey's Cukurova over shares in mobile operator Turkcell is a test of Turkey's economic and legal system, a Swedish minister said.

Sweden is a 45 percent shareholder in TeliaSonera, which is taking legal action to force Cukurova to honor an agreement to sell a 27 percent stake in Turkcell for $3.1 billion.

Cukurova announced a $3.3 billion refinancing deal with Russia's Alfa Group on Wednesday in a move that would see Alfa win a 13.22 percent stake in Turkcell.

"It is troublesome for Turkey," Swedish Industry Minister Thomas Ostros, said late on Tuesday.

"This is, I think, the largest foreign investment in Turkey ever, and it is followed by a lot of European actors that are looking into the system, how it works," he added.