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FINANCIAL NEWS
Indian Siva to pay Batelco USD211.1m in lawsuit
17 Jun 2014
(MENAFN) Former partner of the Bahraini telecom operator Batelco, Bahrain Telecommunications Company, will have to pay Batelco as much as USD211.1 million for failing to fulfill an agreement between them, as the British court judged, according to Arabian Business.
Batelco, via wholly-owned subsidiary BMIC, had sued Siva and its chairman Chinnakannan Sivasankaran for USD174.5 million it paid Chennai-based Siva for a 43 percent stake in Indian operator S Tel in 2009, plus USD10.3 million and a further USD30,000 a day.
Batelco said in a statement that: “The judgment totalling USD211.1 million … 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.”
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