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19.05.2004 Business & Finance

We won’t write off Ghana investment -Telekom Malaysia

By TheEdgeDaily
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Telekom Malaysia Bhd will not write off its soured investment of over US$38 million (RM144.4 million) in Ghana Telecommunications Company Ltd (GT).
Its chairman Tan Sri Muhammad Radzi Mansor said Telekom still hoped to reach an amicable solution with the government of Ghana regarding the thorny issue.
“It is not our intention to write it off. If we wanted to write it off, we would have done it a long time ago. We want to resolve this in an amicable way as fast as possible,” he told reporters after Telekom's AGM in Kuala Lumpur on May 18.
Telekom is currently pursuing an international arbitration against the government of Ghana, due to start in July. It claimed that the Ghanaian parties in 2002 reneged on a deal which was to see Telekom having control and management of GT under a privatisation scheme.
Telekom's unit TM International Sdn Bhd holds an 85.5% stake in G-Com Ltd, which owns 30% of GT.
Muhammad Radzi said it was still possible for both Telekom and the government of Ghana to withdraw themselves from the arbitration should they agree on an amicable solution.

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