The Ministry of Finance, the Ministry of Economy and the Central Bank opposed the sale of Vimpelcom by the Veon holding company to the company’s Russian top management in its current form. The agreement did not suit the holders of Veon Eurobonds either, which had previously tried to suspend the process through the courts.
The deal was sent for review “to protect Russian investors who are shareholders of the company,” a Kommersant source said.
- In November 2022, the Dutch holding company Veon signed an agreement to sell VimpelCom (Beeline brand) to its top Russian managers. The holding could receive 130 billion rubles from the sale. The procedure was scheduled to be completed on June 1, 2023.
- The deal immediately drew questions from regulators and creditors. Some Eurobond holders have initiated litigation. In this sense, Veon launched a liquidation procedure in the United Kingdom to obtain the consent of the holders of bonds for a value of 1,200 million dollars due in 2023 to defer it.
- In January 2023, VimpelCom sued the Central Bank. The operator decided to challenge the regulator’s decision on bond payments from foreign companies.
Lawyers believe that the government intends to postpone the deal until full certainty with the settlement of the debts. Meanwhile, according to Kommersant, negotiations on the resale of VimpelCom have already started.
Author:
karina pardaeva
Source: RB
I am Bret Jackson, a professional journalist and author for Gadget Onus, where I specialize in writing about the gaming industry. With over 6 years of experience in my field, I have built up an extensive portfolio that ranges from reviews to interviews with top figures within the industry. My work has been featured on various news sites, providing readers with insightful analysis regarding the current state of gaming culture.
