TeliaSonera and the Republic bury the hatchet

9 Mar 2004

The four year saga of TeliaSonera’s legal dispute with the Republic of Latvia has been resolved, after both sides agreed to withdraw their respective claims over national PTO Lattelekom. The two sides have been in and out of ICC arbitration since 2000, but have now agreed to form a working group to explore long-term ownership options for both the fixed line telco and its mobile arm Latvijas Mobilais Telefons (LMT). Under the new agreement the Nordic group will pay the Latvian government USD1.9 million in costs associated with arbitration allowing both sides to move forward and discuss the next step. The resolution will allow for fresh negotiations to further recompense the Republic upon the completion of any subsequent transaction involving the two companies.