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Telecom
July 2020 www.intellinews.com I Page 16
its position on the deal. Ucom then called on the competition authority to reject the deal.
Ucom argued that it was unfair competition, saying that Team’s management had used undisclosed confidential information. It accuses
the Yesayans of breaching their fiduciary duty towards Ucom by using confidential information when negotiating the deal with VEON Armenia.
“[W]e find that as a result of the revelations and use of confidential information belonging to Ucom by the Yesayans, Team LLC was able to negotiate and sign a memorandum within just a month, and is going to acquire the shares
of Veon Armenia CJSC, while similar deals’ negotiations last for months, if not longer. These actions ... are both unfair competition and prohibited,” the statement said.
Ucom said it was intending to “defend its violated rights” both in Armenia and abroad, and is currently discussing possible international legal proceedings with its legal advisers.
