Nokia receives a payment of USD 341 million from the Turkish government in the settlement of the Telsim matter
May 26, 2006, Espoo, Finland - Nokia has received a settlement payment of USD 341.25 million following the completion of the sale of Telsimís assets, in accordance with an arrangement with Telsim and the Turkish Savings and Deposit Insurance Fund (TMSF), which sold Telsimís assets to Vodafone. This follows the settlement reached in August 2005 of Nokiaís financial claims against Telsim, subject to the successful sale of the Turkish network operatorís assets.
Nokia is pleased with the resolution of the issue with Telsim. The closing of the settlement agreement opens the way for Nokiaís continued support for Telsimís operations, which will benefit not only Telsimís subscribers but also the Turkish telecommunications market at large.
Nokiaís claims arose from Telsimís default on its repayment obligations under a loan facility related to network equipment delivered in 2000. In February 2004, the Arbitral Tribunal in ZŁrich fully approved the claim against Telsim.
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