Nokia has received a settlement payment of USD 341.25 million following the completion of the sale of Telsim’s assets, in accordance with an arrangement with Telsim and the Turkish Savings and Deposit Insurance Fund (TMSF), which sold Telsim’s assets to Vodafone. This follows the settlement reached in August 2005 of Nokia’s financial claims against Telsim, subject to the successful sale of the Turkish network operator’s assets.
Nokia is pleased with the resolution of the issue with Telsim. The closing of the settlement agreement opens the way for Nokia’s continued support for Telsim’s operations, which will benefit not only Telsim’s subscribers but also the Turkish telecommunications market at large.
Nokia’s claims arose from Telsim’s default on its repayment obligations under a loan facility related to network equipment delivered in 2000. In February 2004, the Arbitral Tribunal in ZГјrich fully approved the claim against Telsim.