Ghana will pay US$ 50 million to Telekom Malaysia

  31 March 2004 – According to a Reuters report, Telekom Malaysia announced that the Ghanaian government agreed to pay the Telekom US$ 50 million as part of a larger dispute over Telekom’s investment in the West African country.

  "The government of Ghana has admitted it will soon have to pay $50 million of its foreign currency reserves to satisfy its liability in respect of Telekom Malaysia's investment in Ghana Telecom," Telekom Malaysia said.

  Telekom Malaysia said it filed an international arbitration claim to force the Ghanaian government to repurchase Telekom’s share of Ghana Telecom and pay it an additional US$ 124 million.

  Telekom has attempted to sell its stake in Ghana's largest telecom operator to the Ghanaian government after its management contract expired. Telekom initially paid US$ 38 million for the stake in 1997.

  Telekom’s claim was filed with the arbitration court in The Hague in October 2003 and is expected to be resolved by July 2004.

  Intelecon Research & Consultancy Ltd. 31/03/2004

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