Telcom Egypt pays USD 48 mln to settle dispute with Etisalat Egypt

News Wireless Egypt 24 JAN 2018
Telcom Egypt pays USD 48 mln to settle dispute with Etisalat Egypt

Telecom Egypt (TE) has announced that it has reached a final settlement agreement with Etisalat Egypt regarding a dispute over international calls services. As per the agreement, TE will pay USD 48 million to Etisalat Egypt to alleviate an estimated potential risk of more than USD 100 million. The company pointed out that this agreement comes within the framework of its policy to settle all its disputes with the other mobile operators.

Ahmed El-Beheiry, managing director of the company, said that TE seeks to remove any traces of the disputes from its financials in order to reach a smoother performance. TE had already formed provisions to cover the total amount of profits and losses in the fourth quarter of 2017, the company pointed out. TE launched its mobile services in September 2017 as the first integrated telecom operator in Egypt. 

Categories:

Mobile

Companies:

Telecom Egypt,  Etisalat Egypt

Countries:

Egypt

Tags:

Legislation - Lawsuits

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