MTS Released Ad Hoc Notice
OREANDA-NEWS. February 2, 2012. Mobile TeleSystems OJSC (“MTS” — NYSE: MBT), the leading telecommunications provider in Russia and the CIS, announces that the Moscow Arbirazh Court will consider a bankruptcy claim against MTS filed by one of its former dealers, Lotsman Management Group LLC (“Lotsman”). The claim was filed on December 08,
The dispute originated in the context of MTS’ campaign to eliminate fraud in SIM card sales. On October 20, 2011, MTS filed an application to launch criminal proceedings against Lotsman management in connection with alleged fraudulent activities
On January 31, 2012, MTS filed an appeal with the High Arbitrazh Court of Russia to challenge a decision by a lower court ordering payment by MTS of the aforementioned amount. Previously in August 2011, the lower court upheld MTS’s position that Lotsman wasn’t entitled to compensation and dismissed the claim.