Telecom Lacked OK To Fight 'Rigged' Share Sale

Law360, London (July 5, 2019, 5:32 PM BST) -- A London judge on Friday said a Luxembourg telecommunications company failed to get permission from minority shareholders and board members to sue for damages over a "rigged" share sale ending its control of the Bulgarian telecoms industry.

High Court Judge Clare Moulder ruled that LIC Telecommunications SARL did not obtain authorization to launch legal proceedings against several representatives on the board of managers of a subsidiary, V2 Investment SARL. V2 is a Luxembourg firm partially owned by the telecom provider and partially owned by an affiliate of VTB Capital, itself subsidiary of a Russian bank. LIC is also suing VTB Capital.

The telecoms firm did...

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