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01.11.2003 Business & Finance

Telekom seeks US$167m compensation from Ghana

By BERNAMA (Malasian News Agency)
Telekom seeks US$167m compensation from Ghana
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KUALA LUMPUR, Oct 31 (Bernama) -- Telekom is seeking for US$166.965 million in compensation from the Government of Ghana (GoG) in respect of its investment in Ghana Telecommunications Co Ltd. Of the amount, US$103.100 million will be representative of the fair market value of Telekom's shareholding in Ghana Telecom as at Dec 3, 2002; US$54.125 million, the deposit paid to the GoG in 2000 for the proposed acquisition of an additional 15 percent equity interest in Ghana Telecom; and about US$9.740 million being consultancy fees due to the Telekom International Sdn Bhd, a wholly owned subsidiary of Telekom for consultancy and management services rendered to Ghana Telecom. Telekom had on Oct 10, issued notice of arbitration to the GoG for the commencement of arbitration proceedings while Telekom filed the statement of claim with the Permanent Court of Arbitration at The Hague on Oct 21. At the preparatory meeting on July 17, held at The Hague, Telekom, the GoG and the Arbitral Tribunal agreed on the process, organisation and time-frame of the arbitration proceeding. In accordance with the timing agreed at the meeting, the GoG is expected to file their statement of defence latest by Jan 9, 2004. The arbitration is expected to commence for two weeks from July 5 to July 16, 2004. Telekom in a filing to the Kuala Lumpur Stock Exchange today said that it will announce futher developments on the arbitration proceedings as appropriate.

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