UK court rejects Cukurova's appeal in Turkcell dispute
Tuesday, May 13, 2014
ANKARA - A British court dismissed Turkey's Cukurova Holding’s appeal over the ownership dispute of Turkey’s biggest mobile phone operator with TeliaSonera on Tuesday.
Cukurova appealed to the UK Privy Council to render a judgement on the jurisdiction of the Geneva court which ordered Cukurova to pay almost $1 billion in damages to TeliaSonera.
The judicial committee of the Privy Council refused Cukurova’s appeal against an order from the court in Geneva.
The order decreed that Cukurova pay $932 million in compensation for TeliaSonera’s losses due to a violation of the sale agreement in 2005 relating to Cukurova’s 53 percent stake in Turkcell to TeliaSonera.
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