DPTG has now initiated enforcement proceedings in Poland in order to collect
the DKK 2.9 billion proceeds which were awarded to DPTG in early September for
phase 1 of the TPSA/DPTG case. Despite the fact that the award is final and
legally binding, TPSA has not paid the amount due by the 14-day deadline
established by the Arbitration Tribunal. The enforcement will be handled by the
Regional Court in Warsaw (Sad Okregowy w Warszawie), Poland.
GN's share of the award for phase 1 is approximately DKK 2.1 billion (before
tax and after deducting capitalized legal fees).
TPSA is the largest telecommunications group in Central Europe with a strong
financial position. Currently, France Telecom owns around 50% of TPSA. The
French state has an ownership share of around 27% in France Telecom.
TPSA's failure to comply with the September 3 decision by the Arbitration
Tribunal is a breach of the decision from the Arbitration Tribunal as well as
the contract between TPSA and DPTG. By failing to pay in accordance with the
decision rendered by the Arbitration Tribunal, TPSA is adding further costs to
themselves and their shareholders, more specifically around half a million
Danish kroner a day in interest.
For further information, please contact:
Mikkel Danvold
Director, IR & Communications
GN Store Nord A/S
Tel: +45 45 75 02 71
