In response, an IPOC spokesman commented:

“Once again our opponents are using under-hand tactics as part of their concerted smear campaign against IPOC. It seems that barely a week goes by without another example of how far Alfa is prepared to go to get its hands on the MegaFon stake that rightfully belongs to IPOC.

“Our opponents are not content with concocting a set of allegations to distract from their lack of a coherent defence for their involvement in this fraudulent scheme, but now see fit to spread lies about official legal processes. As reported in Russia’s RBC Daily, “close sources” of Alfa’s were happy to spread lies about IPOC, but failed to offer any official documentation or a single shred of proof to support their spurious claims.

“This is a wilful act to damage and undermine IPOC.

“We have said from the outset of this case that the integrity of contracts for investment in Russia is at stake. Today’s latest set of allegations from Alfa once again shows that they have absolutely no integrity or qualms about riding roughshod over the truth.”