OSLO and FORNEBU, Norway, March 7, 2003 (PRIMEZONE) -- The parties have agreed on an out-of-court settlement that involves Telenor (Nasdaq:TELN) paying NOK 35 million, including interest on arrears from January 19, 1997, as a complete settlement of the claim NetCom put forward regarding partial repayment of the rate for leased circuits in the years 1993-1996.
On June 19, 2001, the Oslo City Court instructed Telenor to pay a sum of NOK 51.6 million, plus interest on arrears, which at the time of the court ruling amounted to NOK 27.5 million, to NetCom, covering the years from 1995-1996. In addition interest on arrears for the period up to the present date must be taken into account. Telenor appealed the decision to Borgarting Court of Appeal, submitting its claim for acquittal. NetCom launched a cross-appeal, maintaining the original claim brought before the Oslo City Court.
The lawsuit refers to a situation when both the regulatory framework and the market situation were very different from today. The issues raised by this lawsuit is deemed to have only a limited interest today. As the result of an overall evaluation the parties have therefore found it expedient to solve the matter outside of court.