Accordingly, Cukurova made a payment of $947,190,442 to the Fund with the source it received from Russian Alfa Group.

Cukurova owing $2.1 billion to TMSF made an early payment plan with the Fund last August and paid $1,035 billion so far.

The talks for the remaining debt of $87 million are continuing

Following the payment, the majority of the Turkcell shares confiscated by the Fund were released. A Turkcell share of "17-18 percent" under mortgage is estimated to be in the possession of TMSF.

Some of these shares are those of Turkcell Communication and some are the shares of Turkcell Holding. Cukurova Group, with the agreement it made in order to pay all its debts to TMSF, almost cleared all its debts to Cukurova Fund and a collection was obtained from former dominant partners for the first time.

On the other hand, as Cukurova Holding had not sold 27.2 percent of Turkcell to the main shareholder of TeliaSonera and made a new financing agreement with Russian Alfa, TeliaSonera had applied to the international arbitration and the latter had asked Cukurova not to make transactions on the Turkcell shares. The group announced on Thursday the demand of the arbitration was annulled as of November 22.

Following this explanation, on Friday Yapi Kredi Bank announced Cukurova Holding will buy the shares of Turkcell Communication and Turkcell Holding in one year after Kocbank buys 57.4 percent of.Yapi Kredi Bank. In this frame, Cukurova will use $1,593 million of the $3.3 billion financing that it received from Alfa Group, in order to buy 13.5 percent Turkcell Communication shares and pass them to Alfa Group. After this process, Alfa will possess 13.22 of Turkcell effectively. Cukurova's effective shares in Turkcell will decrease to 27 percent.

Russian Alfa had offered the second highest price after Italian TeliaSonera to Mehmet Emin Karamehmet, who wanted to sell his 27 percent share in Turkcell. After TeliaSonera announced on 25 March 2005 it will buy 27 percent of Turkcell for $3.1 billion, Russian Alfa's Vice President Kirill Babayev said: "We have made a higher offer than Sonera to Turkcell for the same share."

Alfa Group owns 32.9 percent of VimpelCom, the second biggest operator in Russia. Alfa Group also possesses 25 percent of Megafon, the third biggest operator in Russia, 43.5 percent of KevStar, the biggest operator in Ukraine, 29.6 of Golden Telecom and whole of Uzbekistan's Mobile Operator BuzTel.

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