Mehmet Emin Karamehmet, owner of Turkey’s Cukurova Holding, has regained the upper hand in his tug-of-war with Altimo, the telecoms arm of Russian conglomerate Alfa Group, over control of Turkcell, Reuters reports. Britain's Privy Council – the highest court of appeal for many Commonwealth countries – has reportedly quashed a previous order for Cukurova to deposit USD1.45 billion, pending the outcome of its dispute with Altimo. Altimo had hoped to be awarded Cukurova's 13.8% stake in Turkcell if the funds were not deposited by the 5 March deadline.
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OVETEL Turkcell saga has another twist in the tail; British Privy Council quash costly Caribbean ruling
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