Colombia's ETB Wins Court Ruling On Lawsuit With Telefonica
February 12 2009 - 9:46AM
Dow Jones News
Colombia's state-controlled telephone company Empresa de
Telecomunicaciones de Bogota SA (ETB.BO), or ETB, said Colombia's
Constitutional Court cancelled a ruling that had ordered it to pay
109 billion Colombian pesos ($43 million) to Spain's Telefonica SA
(TEF).
In 2007, an arbitration panel ordered ETB to pay Telefonica's
mobile phone unit as part of a lawsuit over interconnection fees,
the company said.
The total amount ETB had to pay to Telefonica rose to COP230
billion because of additional interest. ETB didn't pay Telefonica
but had to provision that amount.
Telefonica said in a statement it will appeal the constitutional
court's ruling.
ETB is controlled by the city council of Bogota, its shares
Thursday opened 5.3% higher at COP675.
-By Inti Landauro, Dow Jones Newswires; 57-1-610 70 44 Ext.
1131; colombia@dowjones.com