Bahrain: Batelco in Joint Venture Settlement Agreement Dispute with Indian Firm
Type
E-journal
Date
9 Nov 2012
Jurisdiction
Bahrain, UK, India
Taxonomy
Companies & Corporate Bodies, Joint Ventures, Breach, Discharge & Rescission of Contract, Terms, Telecommunications, Litigation Procedure & Practice
Copyright
LexisNexis
Analysis
Bahrain-based Batelco has announced it has issued litigation proceedings against its former partner, Indian-based Siva for US $185 million over allegations they had failed to honour their S Tel joint venture settlement agreement agreed on 30 November 2011.
Background
In February 2012, Batelco agreed to sell its 43% stake in S Tel to hedge fund Sky City Foundation for US $175 million (this being the price it had paid in 2009 to acquire the company)
At the time, Batelco said the deal would be completed in the fourth quarter, while in mid-October the firm's chief executive told reporters there was a 31 October deadline for it to receive monies due.
Further information
Batelco's subsidiary, BMIC Limited, has filed the claim in the UK's High Court.
First reported on the Middle East Telecoms News Wire on 8 November 2012.