Posts Tagged ‘Telecommunications news’

Batelco Successfully Obtains Indian Freezing Orders Against Assets of Related Parties of Chinnakannan Sivasankaran and Siva Limited to Enforce its USD 210 Million Judgment

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MUMBAI, India, Feb. 24, 2016 /PRNewswire-HISPANIC PR WIRE/ –Batelco Group (Ticker: BATELCO ), the international Telecommunications Group with operations across 14 countries, has successfully obtained Indian freezing orders from the Madras High Court against certain Indian assets of Chinnakannan Sivasankaran (Mr Siva) and his related parties namely: his ex-wife Mrs Jayalakshmi Sivasankaran, his father R.C.K. Vallal, his mother Chinnakannan Chandrammal, his long-term associates Baskaran, Nithyavathi Venkatesan and his related company, Siva Limited. The value of the assets frozen by such orders is estimated to be approximately 500 Crore (US$ 74 million).

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The orders that have been made by the Madras High Court are intended to pay down a substantial UK judgment that was awarded to BMIC Limited (a fully owned subsidiary of Batelco) by the English High Court of Justice totaling US$ 212 million in June 2014 (the UK Judgement). The UK Judgement was awarded against Mr Siva and Siva Limited, following BMIC’s successful litigation against them (the defendants). The UK Judgment found that the defendants failed to honour a Settlement Agreement signed with BMIC in November 2011, relating to a commercial venture into which such parties had entered in 2009. According to the UK Judgment, full payment should have been made to BMIC by the defendants by 26 June 2014. To date the defendants have failed to pay such sum to BMIC.

Ihab Hannawi, Group CEO of Batelco said:

We fully expect all of the respondents to honour the Indian Court Orders and pay to BMIC the monies owing to it under the UK judgement. We will pursue all legal avenues available to us against such parties to secure this outstanding payment.”

[BMIC acquired a 42.7% stake of Indian registered S Tel in 2009. S Tel had been awarded a 2G Licence in 2008. Following the cancelation of 2G licences by India's Supreme Court in February 2012, BMIC sought to implement an agreed put option which under certain circumstances, such as the cancelation of its 2G licence, or in the event of a failure of Siva to secure financing, would ensure Siva bought back the shares acquired by BMIC at the price paid originally. BMIC and the defendants entered into the binding Settlement Agreement to give effect to this commitment which contained a promise by Mr Sivasankaran and Siva Limited to make payment to BMIC in agreed circumstances.]

CONTACT: Rethu Menon, Consultant, FTI Consulting India, Rethu.Menon@fticonsulting.com, +91-986-718-1043, Amrit Singh Deo, Senior Director, FTI Consulting India, Amrit.Singhdeo@fticonsulting.com, +91-916-742-8242

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Verizon is First U.S. Wireless Company to Offer Roaming in Cuba

NEW YORK, Sept. 17, 2015 /PRNewswire/ — It’s been about one month since the United States officially reopened its embassy in Cuba. Starting next week, Verizon Wireless customers who travel internationally can connect easily – including talk, messaging and data – while in the Caribbean’s largest nation, through the company’s Pay-As-You-Go International Travel option.

Verizon is the first U.S.-based wireless company to offer roaming in Cuba.

“Our customers are citizens of the world, and we want them to seamlessly enjoy a great Verizon experience wherever they travel,” said, Javier Farfan, vice president of cultural and segment marketing for Verizon. “By offering international services while traveling in Cuba, we are making it simple and easy for our customers to stay connected wherever and whenever they choose.”

The process is simple.  Customers using a World Device who are traveling to Cuba can opt-in to add the Pay-As-You-Go International Travel option.  While in Cuba, voice calls are $2.99 per minute, data is $2.05 per megabyte and standard international messaging rates apply. This allows customers the ability to stay connected while in Cuba.

With the addition of Cuba, Verizon offers international services in more than 225 countries worldwide. For more information about international rates and qualifying phones, visit www.vzw.com/international

Verizon Communications Inc. (NYSE, Nasdaq: VZ), headquartered in New York, employs a diverse workforce of 178,500 and generated more than $127 billion in 2014 revenues. Verizon Wireless operates America’s most reliable wireless network, with 109.5 million retail connections nationwide. Verizon also provides converged communications, information and entertainment services over America’s most advanced fiber-optic network, and delivers integrated business solutions to customers worldwide. For more information, visit www.verizon.com/news/.

VERIZON’S ONLINE NEWS CENTER: Verizon news releases, executive speeches and biographies, media contacts and other information are available at Verizon’s online News Center at www.verizon.com/news/. The news releases are available through an RSS feed. To subscribe, visit www.verizon.com/about/rss-feeds/.

CONTACT: Chuck Hamby, 908.559.6673, chuck.hamby@vzw.com, @VerizonChuck on Twitter

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