Connect with us

Hi, what are you looking for?

Alive Business PlanAlive Business Plan

Stock

Telefonica awarded $380 million from Colombian government in arbitration, company says

MADRID/BOGOTA (Reuters) -Spanish telecoms company Telefonica (NYSE:TEF) said on Wednesday that the World Bank’s International Centre for Settlement of Investment Disputes (ICSID) had ordered the Colombian government to pay it $380 million as part of an arbitration process.

Colombia was also ordered to pay Telefonica’s legal fees for the dispute that started in February 2018 and compound interest at a rate of 5% as compensation of the damages caused, Telefonica said.

Telefonica said it opposed a series of measures passed by the Colombian government that resulted in Telefonica paying the amount in 2017. The measures violated a bilateral treaty protecting foreign investments signed by Spain and Colombia, Telefonica said.

The ICSID did not respond to a request for comment, though its website said the case was closed on Oct. 2 in accordance with its arbitration rules.

A spokesperson at the Colombian finance ministry confirmed the arbitration.

The Colombian state’s legal defense agency said in a statement it was examining the possibility of appealing the decision with assistance from international law firm Wordstone Dispute Resolution.

The agency will examine whether the arbitral tribunal “exceeded its powers by ignoring the authority of (Colombia’s) Constitutional Court on matters of its jurisdiction,” among other things, the statement said.

In July, Telefonica, which has already divested from many markets in Latin America, said it had started talks with New York-listed Millicom to sell its stake in its Colombian unit for $400 million.

This post appeared first on investing.com
Become a VIP member by signing up for our newsletter. Enjoy exclusive content, early access to sales, and special offers just for you! As a VIP, you'll receive personalized updates, loyalty rewards, and invitations to private events. Elevate your experience and join our exclusive community today!

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    You May Also Like

    Latest News

    The Gateway Pundit, a far-right website, published a note from its editor on Saturday acknowledging that two election workers in Georgia did not engage...

    Latest News

    New majorities in Congress, particularly when the incoming party has a new leader, offer the rare chance for the institution to take a breath...

    Investing

    JAKARTA (Reuters) -Indonesia has asked Alphabet (NASDAQ:GOOGL)’s Google and Apple (NASDAQ:AAPL) to block Chinese fast fashion e-commerce firm Temu in their application stores in...

    Latest News

    Sister Stephanie Schmidt had a hunch about what her fellow nuns would discuss over dinner at their Erie, Pennsylvania, monastery on Wednesday night. The...



    Disclaimer: alivebusinessplan.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2024 alivebusinessplan.com