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Sawiris May Appeal Wind Ruling
Published Jun 18, 2009
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Naguib Sawiris, chairman of Orascom Telecom Holding (OT), may appeal a ruling by a UK judge ordering him to pay a former business associate more than €75 million ($104 million) in relation to the acquisition of Wind Telecomunicazioni SpA.
“The defendants are considering all available options in respect of the €75.1 million which has been awarded, including their avenue of appeal,” according to an e-mailed statement from Sawiris’ press office in Rome.
Sawiris was sued in a lawsuit at the High Court in London by Italian businessman Alessandro Benedetti, who sought a one-third stake in an investment company used to acquire control of Wind, Italy’s third-largest mobile-phone company, in 2005.
Yesterday, Lord Justice Nicholas Patten ordered Sarwis to pay Benedetti €75.1 million plus interest as a fee for his services.
Sawiris completed the deal using a strategy Benedetti designed, Benedetti’s lawyer Joe Smouha said on the first day of trial, in February.
Posted by
VMD - [Virtual Marketing Department]
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