Cukurova ordered to pay USD932 million damages to TeliaSonera

3 Oct 2011

An arbitration tribunal of the International Chamber of Commerce (ICC) has issued its final award related to a dispute concerning the 2005 Turkcell Holding share purchase agreement between TeliaSonera and Cukurova. The tribunal has ordered Cukurova to pay damages of USD932 million to TeliaSonera to settle the matter. Previously, the arbitration tribunal has issued a number of partial awards, the first of which was issued in January 2007. A second, issued in July 2009, stated that Cukurova must deliver all of the remaining shares in Turkcell Holding to TeliaSonera for a cash consideration of USD3.1 billion. The tribunal has now ruled that Cukurova has showed a total disregard for acting in accordance with its obligations under the earlier partial awards. In addition to the USD932 million in damages, Cukurova must bear interest from 30 June 2007 until full amount has been paid off, at the highest rate paid by the Turkish State Banks for one-year term deposit accounts in USD.

Cecilia Edstrom, TeliaSonera’s senior vice president and head of group communications, commented: ‘The damages and compound interest which have been awarded represent a significant amount of money. Given Cukurova’s total disregard of previous arbitration awards, we will take immediate action to recover damages in countries where Cukurova has assets. In November 2009 we agreed with Altimo to collaborate and align our efforts to resolve all ongoing legal disputes between each of us and Cukurova. The final ICC award and the recent decision by the Court of Appeal of the Eastern Caribbean Supreme Court in favour of Altimo are important steps in the right direction. We will now join forces to implement the award and seek for a speedy resolution of a conflict which has affected Turkcell far too long’.

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