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NASDAQ warns Russian telecom holding Vimpelcom about violation of listing rules

May 06, 2014, 18:38 UTC+3 MOSCOW
According to NASDAQ rules, Vimpelcom should present a correction plan within 60 calendar days
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© EPA/JUSTIN LANE

MOSCOW, May 06. /ITAR-TASS/. NASDAQ has warned the telecommunications holding Vimpelcom controlling the similarly named Russian operator, that it has violated listing rules, having delayed publication of the 2013 report on 20-F Form, goes the company’s report.

According to NASDAQ rules, Vimpelcom should present a correction plan within 60 calendar days.

On May 1, VimpelCom notified the United States Securities and Exchange Commission (SEC) it would not be able to timely present the mentioned report because of the investigation initiated by the US Department of Justice and SEC as well as the prosecutor of the Netherlands in mid-March in relation to the holding’s operations in Uzbekistan.

According to the holding, Vimpelcom Ltd faced no particular claims but had its documents seized by SEC and the prosecutor. A similar 2.5-month examination carried out by Uzbekistan’s tax service last October revealed no violations.

Last autumn the holding’s Uzbek subsidiary Unitel was reported to have run into difficulty with permits for commissioning of base stations and obtaining numbering capacity needed to connect subscribers. Vimpelcom bought Unitel in 2006 for $260 million from the operator Bakri Uzbekistan Telecom.

47.9% of Vimpelcom is controlled by Altimo, Alfa-Group’s telecommunications holding, 43% - by the Norwegian Telenor, 9.2% - by minority shareholders. The holding is one of the world’s major integrated communications operators. The holding’s Russian subsidiary is one of the so called Big Three mobile operators in Russia. Vimpelcom’s companies are operating with brands Beeline, Kyivstar, Djuice, Wind, Infostrada, Mobilink, Leo, Banglalink, Telecel and Djezzy. Last year Vimpelcom Ltd reported a revenue of $22.5 billion and a net loss of $1.4 billion.

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