Celcom (Malaysia) Bhd, the mobile phone arm of Telekom Malaysia Bhd, has been directed by an international court to pay $195.3 million to DeTeAsia Holdings GmbH, a wholly owned subsidiary of Deutsche Telekom (DT), for breaching a supplemental agreement signed in April 2002. The Secretariat of the ICC International Court of Arbitration in Geneva directed that Celcom should pay the amount, which includes principal and interest payments as well as legal costs. Deutsche Telekom, a former 8 per cent shareholder in Celcom, had filed a claim for damages following a dispute over a buyout price paid by Telekom Malaysia in 2003. Malaysia’s biggest telco had offered RM2.75 per Celcom share in 2003 when it made a buyout offer for the mobile operator. Deutsche Telekom sold its shares in Celcom to Telekom Malaysia at RM2.75 each but it filed a claim for another RM4.25 per share in damages.
