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Payment not percentage: Motorola settles with Telsim |
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By Alec Barton
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04 Nov 2005 at 09:49 |
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Turkey: Motorola (www.motorola.com) has settled its financial and legal claims against Turkish cellular phone operator Telsim and the Turkish Savings and Deposit Insurance Fund (TMSF).
Motorola’s claim, which is centred on the actions of Turkey’s Uzan family, means that Motorola has accepted a cash payment of US$500 million (now paid) plus the right to receive 20% of the proceeds from the sale of Telsim assets over US$2.5 billion. In addition, Motorola has dismissed both its litigation against Telsim and its pending demand for arbitration against the Government of Turkey at the International Center for the Settlement of Investment Disputes (ICSID) in Washington, DC. Finally, Motorola will not be pursuing collection efforts against certain corporate defendants under TMSF control, subject to certain conditions.
When it comes to countries other than Turkey (and one or two exceptions) Motorola will continue to enforce the judgment obtained in its favour against the Uzan family for perpetrating what it is now able to call a massive fraud against Motorola through their control of Telsim. |
