Cukurova says court confirms its Turkcell stake
Turkey's Cukurova Holding said on Tuesday a court had ruled in favour of confirming the company's ownership of a stake in leading mobile phone operator Turkcell, ruling against Russia's Alfa group.
Cukurova said in a statement to the Istanbul Stock Exchange that the court had confirmed the stake belonged to Cukurova on Nov. 16. No further details were immediately available.
Unlisted Cukurova has a 21.3 percent stake in Turkcell.
The court case is part of a complex legal dispute involving Cukurova, Russian private equity frim Alfa and Nordic telecoms giant TeliaSonera. Cukurova has a 21.3 percent stake while TeliaSonera has a 37.1 percent stake in Turkcell.
Cukurova said on May 28 it was suing Alfa Telecom Turkey Ltd because the Russian firm would not accept the repayment of all of Cukurova's debts owed to it before they mature.
Earlier in that month Alfa opened a court case against Cukurova, a main stakeholder in Turkcell, claiming that Cukurova had defaulted on an outstanding debt of $1.35 billion. The debt is backed by an indirect stake in Turkcell.
Alfa had said Cukurova was trying to use its indirect stake in Turkcell in its deal as collateral to raise new financing to repay the debt.
Under a deal in 2005, Alfa loaned Cukurova $1.7 billion and bought $1.6 billion of convertible bonds, which it later converted into a 13.22 percent stake in Turkcell.
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