British court to give its Turkcell verdict July 9

ISTANBUL - Reuters

Britain’s Privy Council will give its verdict on Turkcell case on July 9. DHA photo

Britain’s Privy Council announced on July 5 that it will give its verdict on the ownership of controlling stake of Turkey’s biggest mobile phone operator Turkcell on July 9.

Turkey’s Çukurova and Russia’s Altimo forced the cancellation of its annual general meeting last month, leaving it unable to agree the composition of its board and preventing the approval of accounts and distribution of dividends.

The row centres on Cukurova’s 13.8 percent stake, which is a controlling stake due to the shareholder structure and which Altimo seized when Cukurova defaulted on a $1.35 billion loan eight years ago. Altimo separately owns 13.2 percent of Turkcell. Altimo owns 49 percent and Çukurova 51 percent of the holding company behind the listed Turkcell business. Nordic telecoms group TeliaSonera is Turkcell’s biggest shareholder with 38 percent.