Russian bailiffs said Monday they are preparing to sell most of Norwegian telecom company Telenor's 29.9 percent stake in Vimpelcom, Russia's No. 2 mobile phone operator, in order to recover $1.7 billion owed in damages.
"The shares will be transferred in the near future for sale at auction," the bailiffs' press office said in a statement on its Web site.
Telenor could not be reached for immediate comment.
Bailiffs seized the stake in March after Telenor refused to carry out a Siberian court order to pay VimpelCom $1.7 billion in damages related to a years-old acquisition in Ukraine. The suit was brought by Farimex Products, an obscure shareholder with a tiny stake in Vimpelcom.
Telenor has accused billionaire Mikhail Fridman's Alfa Group, the other main shareholder in Vimpelcom, of bringing the suit under the guise of Farimex.
Telenor is appealing the Siberian court ruling.
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