Motorola
today announced that it has reached an agreement to settle its financial and legal claims against Turkish cellular phone operator Telsim Mobil Telekomunikasyon (Telsim), and the Turkish Savings and Deposit Insurance Fund (TMSF).
Under the agreement, Motorola has settled its claims for a cash payment of $500 million which the company received today plus the right to receive 20% of the proceeds from the sale of Telsim assets over $2.5 billion.
Motorola has further agreed to dismiss its litigation against Telsim as well as Motorola’s pending demand for arbitration against the Government of Turkey at the
In addition, Motorola has agreed not to pursue collection efforts against certain corporate defendants under TMSF control, subject to certain conditions.
The agreement permits Motorola to continue its efforts, except in
and certain other agreed upon countries, to enforce its previous judgement rendered on behalf of Motorola against the Uzan family for perpetrating a massive fraud against Motorola through their control of Telsim.
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