Batelco sues ex-partner Siva for $185 m
S Tel was one of eight Indian mobile operators ordered to be stripped of licences in February as part of a corruption probe. Later that month, Batelco announced it had agreed to sell its 43% stake in S Tel back to Sky City Foundation for $175 million, 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.
Sky City Foundation is a hedge fund that was part of a consortium that also sold a 51% stake in S Tel to Siva in 2009, and Batelco has now launched legal proceedings via fully owned subsidiary BMIC against Siva and its founder Chinnakannan Sivasankaran.
“BMIC filed a claim in the UK High Court of Justice, Commercial Court ... for failing to adhere to a Settlement Agreement,” Batelco said in an emailed statement, adding it was seeking to recover $184.79 million.
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