Stock Market Wire | 13 June 2016
GTH files for Wind Canada arbitration
Global Telecom Holding has announced that on 28 May itsubmitted a formal request for arbitration over actions taken by the Canadian Government against GTH and its subsidiaries in relation to GTH’s investment in Wind Mobile.
GTH says the government’s actions caused loss to GTH including the sale of its interest in Wind Mobile in September 2014 at a significantly distressed price.
The request for arbitration was submitted for resolution under the auspices of the International Centre for the Settlement of Investment Disputes, an organisation of the World Bank Group.
GTH asserts that since 2008 its rights under the agreement between the Government of Canada and the Government of the Arab Republic of Egypt for the Promotion and Protection of Investments have been violated by actions taken by the Canadian Government against GTH and its subsidiaries, including the Government of Canada’s failure to provide GTH and its subsidiaries with fair, equitable and non-discriminatory treatment.