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.