The Supreme (Commercial) Court of Bermuda yesterday (13 July) issued an order which prevents “the implementation of the Order made in the St Petersburg Proceedings on 12 July 2006, transferring the St Petersburg Proceedings to Khanti-Mansijsk”. The order restricts all the Plaintiffs in the Bermuda suit – CT-Mobile, LV Finance, Santel Ltd., Avenue Ltd., Janow Properties Ltd. – until a final judgment is issued.

An IPOC spokesperson said:

“Throughout this process, IPOC has completely observed the injunction of the Bermudan Court which restrained us with the action occurring in St Petersburg. Indeed, we intend to continue doing so.

“We are pleased to have the opportunity to present our position in this matter in St Petersburg.

“We intend to continue pressing our case and remain confident that it is when it is concluded our right to the disputed 25.1% stake will be recognised.”

"Order" copy in .pdf format ->