Friday, August 14 2020 20:26

ArmInfo.<In response to mass media inquiry, we would like to inform that on 13 August this year Yerevan First Instance Court of General Jurisdiction partially  awarded Ucom CJSC's motion to apply interim measure to the extent  that prohibited TEAM LLC to conclude an acquisition transaction of  Veon Armenia CJSC shares and submit for registration the rights  arising from the transaction>, the press service of Ucom reports.

Thus, according to the source: <Ucom CJSC filed a claim with Yerevan  First Instance Court of General jurisdiction against TEAM Limited  Liability Company requesting to confirm that in the existing  conditions the use of undisclosed information possessed by Ucom CJSC  in the negotiation on the acquisition by TEAM LLC of Veon Armenia  CJSC shares and the violation by the TEAM LLC founders of the  fiduciary obligations against Ucom CJSC is an unfair competition as  well as requested to oblige TEAM LLC to stop unfair competition.

It should be noted that Ucom requested to apply an interim measure,  particularly prohibit TEAM LLC to conduct negotiations on conclusion  of acquisition transaction of Veon Armenia CJSC shares as well as  conclude the negotiated acquisition transaction of Veon Armenia CJSC  shares (sign the transaction and submit for registration the rights  arising from the transaction).

Taking into consideration the peculiarities of the case Ucom refrains  from provision of further information, but in the upcoming stages of  the case additional clarifications will be disclosed to the public,  if needed,>  the statement says.

To note, TEAM LLC  was created quite recently by the former top  management of another large telecommunication operator in Armenia -  the "Ucom" company. Before the personnel reshuffle at Ucom, the  discussion was about the possible acquisition of Veon Armenia by this  very company, as well as the buyout of Ucom itself by its top  management represented by the Yesayan brothers. However, neither the  one nor the other transaction took place and, according to market  participants commenting on the new application of TEAM LLC,  the  transaction may well take place. And VEON's exit from Armenia is  connected with the decision of this international group of companies  not to work in low-profit small markets and concentrate on the global  field.