Moscow (May 28, 2012) - VimpelCom OJSC (“VimpelCom” or “Company”),announces that the Moscow Arbitration Court has issued a new, expanded injunction order in connection with the previously announced claim by the Russian Federal Anti-monopoly Service (“FAS”). The injunction order is related to the previously disclosed claims brought by the FAS against two of the largest shareholders of VimpelCom, Telenor East Holding II AS and Weather Investments II S.a r.l., in the Moscow Arbitration Court.
The injunction order states that it prohibits each of the Company and its wholly-owned subsidiaries, OJSC “Vimpel-Communications” (“OJSC VimpelCom”) and VimpelCom Holdings B.V., and their respective management bodies (CEOs and members of the boards of directors) from giving effect to the resolutions of the Annual General Shareholders Meeting (“AGM”) of the Company’s subsidiary OJSC VimpelCîm, which was held on May 21, 2012, including:
- Prohibiting the payment of dividends to shareholders of OJSC VimpelCom based on the results of operations in 2011, and the transfer of the cash intended for dividend distribution to the accounts of OJSC VimpelCom or other companies with foreign banks;
- Prohibiting the external auditors elected at the OJSC VimpelCom AGM which was held 21.05.2012 from exercising the powers conferred on them;
- Prohibiting the board of directors of OJSC VimpelCom elected at the OJSC VimpelCom AGM from exercising their powers pursuant to the charter of OJSC VimpelCom; and
- Prohibiting the taking of other actions and steps designated to transfer the indicated funds out of our Russian subsidiary OJSC VimpelCom.
A hearing on the merits of the FAS claim is currently scheduled to take place on October 17, 2012.  Unless it is lifted on appeal, the injunction will be in force until a decision by the court on the merits of the FAS claim comes into effect.
The Company intents to appeal this extended injunction order. At the moment the Company conducts a profound analysis of the scope and potential impact on the business of the Company and its financial position. Based on the preliminary analysis we do not expect any substantial risks for the Company's operations, including realization of the current and planned investment projects.