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. Last Updated: 07/27/2016

Telenor Appeal Adjourned

An appeal by Telenor against a $1.7 billion fine was adjourned until March by a Siberian court, giving the Norwegian telecoms company and its partner, Alfa, six months to sort out their differences.

The fine, payable to VimpelCom, was imposed last year after Farimex, a small shareholder, filed a suit saying VimpelCom had been damaged by Telenor’s reluctance to expand into Ukraine.

Analysts have said the most likely resolution would be a corporate divorce giving Alfa’s 43 percent stake in Kyivstar to Telenor, with Alfa gaining Telenor’s voting shares in Vimpelcom.

“It’s too early to comment. The news came only an hour ago,” Telenor chief executive Jon Fredrik Baksaas said Wednesday on the sidelines of an investment conference.

He added that he had nothing new to say about ongoing talks with Alfa Group. “We are always meeting [with Alfa].”

Wednesday’s court adjournment until March 24 was granted after a motion from Farimex, which wants to know the decision in a lawsuit launched in New York last year to establish whether there is a relationship between it and Alfa, Telenor said.