Bermuda-based mutual fund IPOC International Growth Fund Ltd. yesterday said it will file Russian prosecutors' findings that it says clear it of criminal wrongdoing with courts worldwide as part of a bid to regain ownership of the OAO MegaFon mobile phone company.

In a statement, IPOC said an investigation by the General Prosecutor's Office of the Russian Federation had cleared it of any wrongdoing in a dispute over a 25 percent stake in Russia's third largest mobile phone company.

IPOC said it intends to file the findings by the General Prosecutor's Office of the Russian Federation in proceedings in Geneva, Zurich, Bermuda, St. Petersburg, Stockholm and New York.

"These findings clear the fund of any criminal wrongdoing, contrary to spurious allegations spread by IPOC's opponents in the case over the 25.1 percent stake in MegaFon," an IPOC spokesperson said.

"Instead in a massive blow, after a three year investigation the Russian authorities have found that there are grounds to prosecute Leonid Rozhetskin, a key architect of the fraud to deprive IPOC of its MegaFon stake, for his role in the deception.

"This finding, following an investigation by the Russian authorities, vindicates IPOC and is hugely significant."

Russian lawmakers had asked prosecutors to investigate possible wrongdoing by IPOC in the phone industry after an arbitration tribunal in Zurich said on May 16 that Information Technology and Communications Minister Leonid Reiman is the beneficial owner of IPOC. Reiman denied the allegation.

Puisne Judge Ian Kawaley later upheld the ruling in a related case in the Bermuda Supreme Court.

Russian prosecutors told IPOC they won't start a criminal case for lack of evidence, according to a letter addressed to IPOC, which the fund distributed by e-mail. Vera Zakharchuk, a spokeswoman for the dingral Prosecutor, declined to confirm the authenticity of the letter or comment on the case, according to Bloomberg News .

Prosecutors also said they would not start a criminal case against Reiman, for lack of evidence, following an appeal by the same group of lawmakers to investigate the minister for abuse of power to gain Russian telephone assets.

IPOC said it gained rights to the MegaFon stake by signing two options agreements with Leonid Rozhetskin's LV Finance, the previous owner, in 2001. Alfa acquired LV Finance in 2003.

It is anticipated that these findings should have a significant impact on the various ongoing proceedings to determine the ownership of the disputed MegaFon stake and expose all the "scurrilous and scandalous allegations surrounding the shares".

"Alfa, its agents and co-defendants have made outrageous allegations all over the world about IPOC in an attempt to deflect attention from their own action and to try to ensure that the truth about their conduct is never dealt with before a court."

The company said that an arrest warrant for Mr Rozhetskin is still in force and Mr Rozhetskin is currently a fugitive.