[albawaba] Orascom Telecom Holding SAE (“OTH”) announced on Monday that it reached settlement with the Republic of Chad and has received $4.9 million in satisfaction of an International Chamber of Commerce (ICC) panel award issued in OTH’s favor in the arbitration action brought by OTH against Sotel Tchad, the Chadian fixed telecommunication line operator, and the Republic of Chad.
The dispute arose from a decision by the Chadian Ministry of Telecommunications to invalidate the transfer of 51% of the shares of TchadMobile to OTH despite the fact that a valid agreement was entered into in late 2002 between OTH and Sotel Tchad. As a result, OTH suspended its operation of TchadMobile in July 2004. After its repeated efforts to resolve the matter amicably with representatives of Sotel Tchad and the Government, and as a last resort for the enforcement of its rights, OTH proceeded with the ICC arbitration on 4th March 2005.
Orascom Telecom gets $4.9 million in compensation