DUBAI: A British court has ruled in Batelco’s favour, ordering the Bahraini telecom operator’s former Indian partner to pay it $211.1m for failing to fulfil a previous agreement, a statement to Manama’s bourse said yesterday.
Batelco, via wholly-owned subsidiary BMIC, had sued Siva and its chairman Chinnakannan Sivasankaran for $174.5m it paid Chennai-based Siva for a 43 percent stake in Indian operator S Tel in 2009, plus $10.3m and a further $30,000 a day.
“The judgment totalling $211.1m ... finds BMIC has been successful in its claim that the defendants failed to adhere to a settlement agreement relating to a commercial venture into which both parties had entered,” Batelco’s statement said.
“The ruling confirms BMIC’s claim and has ordered its full recovery from the defendants.”
S Tel struggled against its better-resourced and longer-established rivals and as of 2011-end had 3.55 million mobile subscribers, a 0.4 percent market share. In February 2012, S Tel was ordered to be stripped of its licences as part of a corruption probe that pre-dated Batelco’s investment.
Wizz Air cancels London IPO
LONDON: Hungarian budget airline Wizz Air yesterday cancelled its proposed ¤200m ($270m) listing on the London stock market, blaming tough economic conditions for the industry.
Wizz Air had unveiled plans last month for the initial public offering (IPO) to raise cash to fund expansion and strengthen its balance sheet.
Agencies
