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Batelco sues India's Siva for $185m
- Bahrain: Thursday, November 08 - 2012 at 11:43
Batelco has filed a lawsuit against ex-partner Siva for $185m, claiming the Indian firm has failed to adhere to a settlement agreement over their joint venture S Tel, Reuters has reported. In February, Batelco said it had agreed to sell its 43% stake in S Tel back to hedge fund Sky City Foundation for $175m, receiving the price paid to acquire its S Tel holding in 2009. 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 an October 31 deadline for it to receive the money due. "BMIC Limited filed a claim in the UK High Court of Justice, Commercial Court ... for failing to adhere to a Settlement Agreement," Batelco said, adding it was seeking to recover $184.79m.
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