Cairo – Mubasher: Global Telecom Holding (GTH) submitted a formal request for arbitration against the government of Canada on 28 May 2016, according to a press release.
The mobile network operator claimed, as per the release, that the Canadian government adopted practices against GTH and its subsidiaries as to GTH investment in Wind Mobile, which eventually led to a prior sale of its interest in Wind Canada.
“The Government of Canada’s actions caused loss to GTH including the sale of its interest in Wind Mobile in September 2014 at a significantly distressed price,” said GTH.
GTH asserts that its rights under the Egyptian–Canadian Agreement for the Promotion and Protection of Investments have been violated since 2008 by actions taken by the Canadian Government against GTH and its subsidiaries, including the Government’s failure to provide the company “with fair, equitable and non-discriminatory treatment,” the press release revealed.
Under the auspices of the International Center for the Settlement of Investment Disputes, the arbitration request was submitted, the press release indicated, giving no additional details about these practices.
“GTH, which is 51.9% owned by VimpelCom Limited, is a leading international telecommunications company operating mobile networks in high growth markets in Africa and Asia, having a total population under license of approximately 401 million as of March 31, 2016,” according to GTH official data.
