Posted by meb at January 16th, 2008

The Turkish mobile operator Turkcell has filed an arbitration lawsuit against the government of Iran for allegedly blocking its acquisition of a stake in Iranian mobile operator Irancell.

In a statement sent to Istanbul Stock Exchange (IMKB), Turkcell said Iran did not fulfill responsibilities of an agreement on incentive and protection of mutual investments.

A consortium led by Turkcell was approved as the winning bidder in a tender to take a 51 pct stake in the newly created national mobile licensee Irancell in February 2004, but the deal with Turkcell ran into difficulty, with conservative Iranian politicians unhappy with the involvement of a Turkish firm in one of the country’s main communications networks.

Trading in shares of Turkcell were suspended pending a statement from the Capital Markets Board, IMKB said in a statement.

source: The New Anatolian

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