In 2001, to facilitate the sale of GTS, Mr. Schriesheim helped lead it through a pre-arranged filing under Chapter 11 of the United States Bankruptcy Code (U.S.B.C.)

and, in prearranged proceedings, a petition for surseance (moratorium), offering a composition, in the Netherlands to restructure its debt, in excess of $2 billion.

[5] David A. Stewart served as Senior Vice President, chief financial officer and Treasurer at that time and left Golden Telecom in 2004.

Since March 2006 Golden Telecom has been building a fibre-optical highway Nizhni Novgorod-Kazan-Ufa, with planned operation start in the end of 2006.

Company was building the largest European Wi-Fi network in Moscow, over 5.000 WAPs, made by Nortel, are installed by the end of 2006.

The outlook of its GSM business is quite grim in the wake of huge success and growth of traditional (Kyivstar, UMC) and emerging (Astelit) competitors.