Copenhagen, 2011-12-13 09:00 CET (GLOBE NEWSWIRE) -- DPTG has initiated enforcement proceedings against TPSA in the US and filed for attachment of cash flows from the telecommunication operator AT&T to TPSA. Further steps will follow shortly in the US.
The enforcement in the US is an important step towards ensuring that TPSA fulfills its obligations in accordance with the final and legally binding arbitration award amounting to DKK 2.9 billion for phase 1 rendered on September 3, 2010.
DPTG has now filed for enforcement in six countries beyond Poland. As earlier mentioned, the cash flows flowing to TPSA from TPSA’s partners outside Poland can – over time – pay back the claims against TPSA.
Based on the explicitly clear dismissal of TPSA’s request to set aside the award for phase 1 by the Commercial Court in Vienna on November 4, 2011, DPTG has requested that the courts in The Netherlands, Ireland and Poland without further delay resume the enforcement proceedings in order to secure that TPSA honors the final and legally binding award for phase 1.
DPTG has registered that TPSA has chosen to appeal the dismissal by the Commercial Court in Vienna of TPSA’s request to set aside the award for phase 1 – despite the fact that the dismissal was very strong and clear. By appealing the decision of the Commercial Court, TPSA is again adding further burdens to its shareholders. Court fees in Austria alone will amount to approx. DKK 100 million.
So far, TPSA has incurred an estimated half a billion DKK in additional costs, interest and damages by not living up to its contractual and legal obligations.
On January 14, 2011 DPTG filed a claim of DKK 2.4 billion for phase two with the Arbitration Tribunal in Vienna.
For further information, please contact:
Mikkel Danvold
VP, Investor Relations
GN Store Nord A/S
Tel: + 45 45 75 02 71
