Russia's Alfa Group involved in disputes

The Straits Times, May 5, 2007

THE Alfa Group is a closely held empire of more than US$20 billion (S$30 billion).
One of Russia's largest companies, it has diverse holdings in banking and finance (Alfa Bank), oil and gas (TNK), mobile telephone services (Altimo), and commodity trading (Alfa-Eco).

It is controlled by Mr Mikhail Fridman, 43, one of the oligarchs or barons of Russian finance and industrial sectors.

The Alfa Group is embroiled in a bitter dispute with Norwegian mobile giant Telenor for control over their shareholdings in Russian mobile operator Vimpelcom and Ukraine-based Kyivstar.

Telenor accuses Altimo of running a 'black PR' campaign against it in Ukraine by paying journalists to publish negative articles about Telenor and hiring 'false experts' to undermine it in public.


Altimo hit back, saying Telenor was distributing 'forged documents', and accuses Telenor of planning to bribe Ukrainian judges and journalists.

Since 2003, the Alfa Group has also been involved in a legal tussle with Canada-based Norex Petroleum over control of Russian oil company Yugraneft.

Norex Petroleum has been fighting in the British Virgin Islands, Russian and American courts to reclaim ownership of its interest in Yugraneft, which it claims Alfa Group had improperly gained control of.