Nordic Business Report-February 8, 2006-Telenor ASA commences arbitration proceedings against Storm LLC
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Norwegian telecomms group Telenor ASA said on Tuesday (8 February) that it had commenced arbitration proceedings against Alfa Group subsidiary Storm LLC in connection with Storm's alleged violations of the shareholders agreement relating to Ukrainian mobile operator Kyivstar G.S.M. Telenor is the majority owner of Kyivstar, holding 56.5% of the shares, while Storm holds a 43.5% interest. The shareholders agreement is governed by New York law and explicitly states that all disputes between the parties should be settled by arbitration in New York under the UNCITRAL rules (United Nations Commission on International Trade Law). As part of its arbitration claim, Telenor seeks an arbitration award that would force Storm and its affiliates to cease the commencement or further pursuit of all court actions in Ukraine.
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