Kyiv Region Court Arrests 43.49% of Storm™s Share in Kyivstar

The Economic Court of the Kyiv Region has arrested 43.5% of Storm’s stake in Kyivstar and prohibited Storm’s CEO from executing his duty. Storm is a subsidiary of Russian Alfa Group’s telecommunication division Altimo. According to Kommersant newspaper, Altimo and Telenor (controlling 56.5% of the shares), both shareholders of Kyivstar, blame each other for initiating the court’s decision. Alexander Paraschiy: In August 2007, the New York Arbitrary Court obliged Altimo to participate in Kyivstar’s shareholder meetings. The Ukrainian court’s previous decision has created legal grounds for Altimo to not participate in shareholder meetings. This was a beneficial decision for Altimo.