TMCnet News
Nokia receives 267m from Turkish government for settlement of Telsim issue(DMEurope Via Thomson Dialog NewsEdge)DMEUROPE-29 May 2006-Nokia receives 267m from Turkish government for settlement of Telsim issue (C)2006 DMeurope.com (http://www.dmeurope.com) & DME Ltd. All rights reserved. Finnish handset maker Nokia has received a settlement payment of 267.42m following the completion of the sale of Turkish mobile operator Telsim's assets. The Turkish Savings and Deposit Insurance Fund (TMSF) sold Telsim's assets to UK mobile operator Vodafone. This follows the settlement reached in August 2005 of Nokia's financial claims against Telsim, subject to the successful sale of the Turkish network operator's assets. Nokia's claims arose from Telsim's default on its repayment obligations under a loan facility related to network equipment delivered in 2000. In February 2004, the Arbitral Tribunal in Z rich approved the claim against Telsim. [ Back To TMCnet.com's Homepage ] |