17 Jan 2011 19:50

Deal with Sawiris should not bring about shareholder conflict - Vimpelcom's Izosimov

MOSCOW. Jan 17 (Interfax) - Vimpelcom Ltd's general director, Alexander Izosimov, hopes that differences between the shareholders in the company, Altimo and Telenor, in regards to a transaction with Naguib Sawiris' Wind Telecom does not evolve into a corporate conflict.

Izosimov said during a conference call on Monday that Vimpelcom's whole management had been developed by the shareholders in order to resolve conflicts. "We are now looking at the work of this structure in action. It seems to me, that the process has gone through quite correctly," he said.

It was earlier reported that Vimpelcom had been formed in April 2010 through OJSC VimpelCom and Ukrainian cellular provider Kyivstar. The creation of the new company signalled the end of a conflict between shareholders and Telenor and Alfa-Group, which lasted for many years. Altimo manages Alfa-Group's telecommunications assets.

Izosimov said that Vimpelcom's shareholders have not ruled out the possibility that their positions regarding the company's development could differ. "Therefore, a process has been developed, which will be effective in bringing about a quick solution to any issue of conflict. The supervisory board plays a key role in this, as well as the independent directors especially," he said.