Also found in: Encyclopedia.
TELSIMTeletypewriter Simulator
Copyright 1988-2018, All rights reserved.
References in periodicals archive ?
Despite repeated assurances by the Uzans that Motorola's collateral was secure and the loans would be repaid, Telsim's last payment to Motorola under the agreements occurred in June 2000.
According to Nokia its claims arose from Telsim's default on its repayment obligations under a loan facility related to network equipment delivered in 2000.
The court had ordered that 73.5% of Telsim stock should be deposited with the court, which was ignored.
District Court's ruling ordered the members of the Uzan family and the companies they control to pay Motorola $2.13 billion in compensatory damages and another $2.13 billion in punitive damages as a result of the Uzans fraudulently inducing Motorola to loan $1.8 billion to Telsim. The U.S.
The report states, "It was the then government-owned Turk Telekom that used to operate the system through its subcontractors, namely Turkcell and Telsim," adding, "The Treasury used to retain 67 [percent] of the revenue and the sub-contractors, two GSM Companies, used to cover all their expenses from the remaining 33 [percent] and make a profit."
Vodafone entered Turkish mobile phone market in December 2005 after it won a public auction to purchase Telsim for a price of 4.5 billion USD.
(188) CMS, above n85 at [290]; Parkerings-Compagniet AS v Republic of Lithuania, ICSID Case No ARB/05/8 at [287] ('Parkerings'); Telsim Mobil Telekomikasyon Hizmetleri AS v Republic of Kazakhstan, ICSID Case No ARB/05/16 at [680] ('Telsim).
At the end of last year the UK's Vodafone out-muscled its Arab competitors to win the race for Turkish mobile operator Telsim. However, in order to land the deal, the British outfit had to bid big and only just beat off competition from MTC, Orascom and Etisalat with a bid of $4.55bn--well over the predicted price of $2.5bn.
MTS has bid for Turkey's Telsim, but lost to Vodafone.
NORDIC BUSINESS REPORT-14 December 2005-Nokia expresses satisfaction over auction of Telsim's assets to Vodafone(C)1994-2005 M2 COMMUNICATIONS LTD
At an earlier hearing a US judge said their Telsim company, chaired by Hakan Uzan, was guilty of a "huge fraud".
The CEO of Telsim TL, Hakan Uzan, has called on Motorola Inc to meet him in Switzerland to resolve the rancorous litigation between the two companies.