GN Store Nord: Austrian court rules in favor of DPTG in the TPSA dispute

Other Regions, Poland

09/11/2011 — COPENHAGEN, Denmark — (BUSINESS WIRE)

As expected, the Commercial Court (Handelsgericht) in Vienna, Austria today announced that the request made by TPSA to set aside the award of DKK 2.9 billion rendered for Phase 1 on September 3, 2010, by the Arbitration Tribunal has been dismissed.

The Austrian court thereby confirms that the award rendered by the Arbitration Tribunal is final and legally binding and that the DKK 2.9 billion for Phase 1 – plus accrued interest, legal fees and court fees – is immediately due and payable.

The Commercial Court also announced that TPSA is required to compensate DPTG EUR 190,000 in legal costs. TPSA also had to pay a court fee to the Commercial Court of EUR 3,218,100.

CFO of GN Store Nord, Anders Boyer says: “Today’s ruling again confirms that it is just a question of time before TPSA will have to pay the amounts due according to the final and legally binding ruling for Phase 1 – either voluntarily adhering to the ruling from the Austrian Arbitration Tribunal or through an enforcement process which will add significant costs to TPSA and their shareholders.”

Background

GN Store Nord continues to be involved in an arbitration case against Telekomunikacja Polska S.A. (TPSA) through its 75% share of DPTG I/S. The dispute concerns the determination of traffic volumes carried over the NSL fibre optical telecommunication system in Poland. DPTG is entitled to 14.8% of net profits from NSL during the period 1994-2009. The seat of the Arbitration Tribunal is Vienna, Austria.

The arbitration case against TPSA was initiated by DPTG in 2001 due to lack of profit sharing by TPSA. On September 3, 2010 the Arbitration Tribunal awarded DPTG approximately DKK 2.9 billion for the contract period from 1994 to mid-2004 (Phase 1). Despite the fact that the award is final and legally binding, TPSA did not pay the amount due within the 14-day deadline established by the Arbitration Tribunal, and the payment is still outstanding. Penalty interest of 6% p.a. will accrue until payment is received.

CONTACT:

GN Store Nord A/SMikkel Danvold, VP, IR & CommunicationsTel: +45 45 75 02 71www.gn.com

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