The UK’s Privy Council has given Turkey’s Çukurova Holding until July 30 to pay around $1.6 billion to the Alfa Group to recover its stake in Turkcell.

The 13.8% stake was appropriated by the Russian company when Çukurova defaulted on a loan of $1.35 billion and the Privy Council had previously set a June deadline for payment of the $1.6 billion, which includes interest.

Turkcell is the leading mobile operator in Turkey and also has interests in the country’s TV industry.

According to Hurriyet, the Yildiz Holding firm Gözde Girisin will now help Çukurova retake its stake in Turkcell on strong assurances.

However, it has ruled out the possibility of entering into a partnership.