GN Store Nord A/S
TPSA’s Challenges of Arbitrators Dismissed
GN Store Nord A/S 25.07.2011 20:12 Dissemination of a Adhoc News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Copenhagen, 2011-07-25 20:12 CEST (GLOBE NEWSWIRE) -- The President of the Austrian Federal Economic Chamber has dismissed TPSA's remaining two challenges of the independence of the arbitrators handling the DPTG/TPSA case. Following the award rendered by the Arbitration Tribunal in September 2010 regarding Phase 1 in the DPTG/TPSA case, TPSA filed a number of challenges against the arbitrators of the Arbitration Tribunal to the President of the Federal Chamber of Commerce in Vienna, claiming that the arbitrators were biased and questioning their independence. As previously communicated, TPSA has also filed a complaint with the Austrian courts about the arbitration process - in which TPSA uses arguments similar to those that have now been rejected by the President of the Federal Chamber of Commerce in Vienna - requesting the court to set aside the Award rendered to DPTG for Phase 1. DPTG believes this complaint is without any merit whatsoever. A final hearing is scheduled for September 8, 2011. CFO of GN Store Nord, Anders Boyer says: 'Recently we saw that TPSA was fined EUR 127 million by the European commission for obstructing competition in the Polish telecom market. In the EU Commissions motivation for the EUR 127 million fine, the Commission stated that TPSA proposed unreasonable conditions to rivals, delayed negotiations, rejected orders in an unjustifiable manner and refused to provide reliable and accurate information. We as well have again and again experienced this kind of behavior from TPSA and we are therefore pleased to see TPSA's unfounded challenges of the arbitrators being dismissed. We now look forward to the ruling that will follow the final hearing in the Austrian courts on September 8, and in parallel we are getting ready to further escalate our enforcement initiatives in Poland as well as in all other relevant geographies.' Background GN Store Nord continues to be involved in an arbitration case against Telekomunikacja Polska S.A. (TPSA) through its 75% share of DPTG I/S. The dispute concerns the determination of traffic volumes carried over the NSL fiber optical telecommunication system in Poland. DPTG is entitled to 14.8% of net profits from NSL during the period 1994-2009. The seat of the Arbitration Tribunal is Vienna, Austria. The arbitration case against TPSA was initiated by DPTG in 2001 due to lack of profit sharing by TPSA. On September 3, 2010 the Arbitration Tribunal awarded DPTG approximately DKK 2.9 billion for the contract period from 1994 to mid-2004 (Phase 1). Despite the fact that the award is final and legally binding, TPSA did not pay the amount due within the 14-day deadline established by the Arbitration Tribunal, and the payment is still outstanding. Penalty interest of 6% p.a. will accrue until payment is received. For further information, please contact: Mikkel Danvold VP, IR & Communications GN Store Nord A/S Tel: +45 45 75 02 71 25.07.2011 DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: GN Store Nord A/S Denmark Phone: Fax: E-mail: Internet: ISIN: DK0010272632 WKN: End of Announcement DGAP News-Service ---------------------------------------------------------------------------
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