Emirates Telecommunications Corp., the United Arab Emirates’ phone company, said it could withhold payments to Pakistan in a deal to buy Pakistan Telecommunication Co. if some properties were not transferred to PTCL.
“Under the agreed terms of the transaction, Etisalat is entitled to withhold payments until the property titles were transferred to PTCL,” Etisalat Chairman Mohammed Omran said in an e-mailed statement from Abu Dhabi today.
Etisalat agreed to buy a stake in Pakistan Telecom for $2.6 billion in 2006, but has withheld payment of $800 million, Pakistan Minister Waqar Ahmed Khan said March 31.
Via Business Week
Pingback: Latest News Information » Blog Archive » Etisalat Withhold Payment in Pakistan Telecoms is According to Agreement