Extending freeze on assets of Batelco's partner
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Extending freeze on assets of Batelco's partner

Extending freeze on assets of Batelco's partner

A British court has indefinitely extended a worldwide freeze on assets of Batelco's former Indian investment partner Siva Limited and its chairman Chinnakannan Sivasankaran. The Bahrain-based international telecommunications group said its fully-owned subsidiary, Batelco Millennium India Company (BMIC), was successful in two applications before the English High Court as part of efforts to enforce a judgement by the same court, said a report in the Gulf Daily News (GDN). On June 12, the court had ordered the defendants, Siva Limited and Sivasankaran, to pay BMIC $185m in addition to $30,000 per day from November 1, 2012, amounting to a total of $212m. Batelco recently said the court also ordered Sivasankaran to provide a further affidavit to BMIC on an expedited basis addressing apparent deficiencies with the statements of assets he has provided pursuant to the freezing order. The worldwide freezing order will remain in place indefinitely whilst Batelco pursues Mr Siva for payment of the judgement award owed to BMIC.
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AMEinfo Staff

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