DUBAI, Nov 8 (Reuters) - Bahrain Telecommunications Co
(Batelco) is suing ex-partner Siva Ltd for $185
million, claiming the Indian firm has failed to adhere to a
settlement agreement over their joint venture S Tel, the former
monopoly said in a statement.
S Tel was one of eight Indian mobile operators ordered to be
stripped of licences in February as part of a corruption probe.
Later that month, Batelco announced it had agreed to sell
its 43 percent stake in S Tel back to Sky City Foundation Ltd
for $175 million, receiving the price paid to acquire its S Tel
holding in 2009.
At the time, Batelco said the deal would be completed in the
fourth quarter, while in mid-October the firm's chief executive
told reporters there was an Oct. 31 deadline for it to receive
the money due.
Sky City Foundation is a hedge fund that was part of a
consortium that also sold a 51 percent stake in S Tel to Siva
Ltd in 2009, and Batelco has now launched legal proceedings via
fully owned subsidiary BMIC Ltd against Siva and its founder
Chinnakannan Sivasankaran.
"BMIC Limited filed a claim in the UK High Court of Justice,
Commercial Court ... for failing to adhere to a Settlement
Agreement," Batelco said in an emailed statement, adding it was
seeking to recover $184.79 million.
Siva and Sky City were not immediately available for
comment.
(Reporting by Matt Smith; Editing by Dale Hudson)