Celcom UK assets frozen

18 Jan 2006

Malaysian cellco Celcom has had USD232 million worth of UK-based assets frozen by the High Court of Justice in London. The court order is part of an attempt by DeTeAsia Holdings to enforce an arbitration award in its favour against Celcom for breach of contract. Under the 2 August 2005 award, Celcom was found liable to pay DeTeAsia, a unit of Deutsche Telekom, USD193.4 million. Celcom is seeking to annul the lawsuit, claiming that the ruling cannot be enforced in Malaysia. ‘Celcom has instructed legal counsel in England to review and set aside the order and to resist the enforcement proceedings,’ the cellco’s parent Telekom Malaysia said in a statement.

Malaysia, Celcom Axiata