Bloomberg News

MTS Gains After Demanding Investigation of Uzbek Unit Stops

July 13, 2012

OAO Mobile TeleSystems (MBT:US), Russia’s biggest cellphone company by subscribers, rose the most in two weeks after it demanded Uzbekistan stop an investigation into a local subsidiary and release its detained employees.

American depositary receipts of MTS, as the company is known, advanced 2.6 percent to $17.53 at 12:09 p.m. in New York, poised for the biggest increase since June 26.

MTS will defend its business in Uzbekistan, including by using “international investment protection norms” after the country’s government arrested and detained managers of local subsidiary Uzdunrobita, the company said in a statement today.

The office of Uzbek President Islam Karimov did not immediately return an e-mailed request for comment.

To contact the reporter on this story: Halia Pavliva in New York at hpavliva@bloomberg.net

To contact the editor responsible for this story: Tal Barak Harif at tbarak@bloomberg.net


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Companies Mentioned

  • MBT
    (Mobile Telesystems OJSC)
    • $18.15 USD
    • -0.11
    • -0.61%
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