SOURCE: Golden Telecom

March 23, 2007 13:57 ET

Golden Telecom Wins Tax Litigation Claim

MOSCOW -- (MARKET WIRE) -- March 23, 2007 -- Golden Telecom, Inc. ("Golden Telecom" or the "Company") (NASDAQ: GLDN), a leading facilities-based provider of integrated telecommunications and Internet services in major population centers throughout Russia and other countries of the Commonwealth of Independent States ("CIS"), announces today it has won the lawsuit against the Russian tax inspectorate regarding the 2004-2005 tax audit of LLC EDN Sovintel ("Sovintel"), the Company's wholly owned Russian subsidiary. The tax inspectorate may appeal the decision of the court of first instance.

In September 2006, the Russian tax inspectorate claimed that Sovintel owed taxes, fines and penalties in the amount of $21.9 million for the years ended December 31, 2004 and 2005. On October 4, 2006, Sovintel filed a lawsuit against the tax inspectorate disputing the claims.

About Golden Telecom (www.goldentelecom.com):

Golden Telecom, Inc. (NASDAQ: GLDN) is a leading facilities-based provider of integrated telecommunications and Internet services in major population centers throughout Russia and other countries of the Commonwealth of Independent States ("CIS"). The Company offers voice, data and Internet services to corporations, operators and consumers using its overlay network in major cities including Moscow, Kiev, St. Petersburg, Nizhniy Novgorod, Samara, Kaliningrad, Krasnoyarsk, Alma-Ata, and Tashkent, as well as leased channels and fiber-optic and satellite-based networks, including approximately 290 combined access points in Russia and other countries of the CIS. The Company offers cellular communication services in Kiev and Odessa.

Contact Information

  • For additional information please contact:

    Public Relations:
    Anna Chin Go Pin
    Email: Email Contact
    Tel.: +7-495-797-9300
    Fax: +7-495-797-9332

    Investor Relations:
    Alexey Subbotin
    Email: Email Contact
    Tel.: +7-495-797-9300
    Fax: +7-495-797-9331
    www.goldentelecom.com