OSLO, Jan 10 (Reuters) - Thailand’s Total Access Communication (DTAC), a subsidiary of Norwegian telecoms firm Telenor, has agreed to pay close to $300 million to settle legal disputes with CAT Telecom Public Co Ltd, Telenor said on Thursday.
“Over the 27-year concession period, DTAC and CAT have been engaged in numerous litigation cases, mostly over differences in interpretation of the concession agreement,” Telenor said.
“Today’s settlement will close all, except two, issues between DTAC and CAT, and will also bar the parties from bringing new claims pertaining to the concession regime,” it added.
The total settlement amounts to 9.51 billion Thai baht ($298 million).
The two issues not included in the settlement are industry cases related to revenue sharing concerning excise tax and interconnection charges, and both have been previously disclosed, Telenor said.
While the Norwegian firm had previously made provisions amounting to about 400 million Norwegian crowns ($47.22 million), it will book the remaining cost of 2.1 billion crowns in its fourth-quarter accounts, it added.
Telenor has about 173 million mobile phone customers in eight countries across Europe and Asia. ($1 = 31.9100 baht) ($1 = 8.4713 Norwegian crowns) (Reporting by Terje Solsvik, Editing by Sherry Jacob-Phillips)