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Saudi- Zain KSA: Mobily claims are overrated and invalid
(MENAFN- Arab News) Zain KSA has announced that it received a request on Nov. 11 from an agent of Etihad Etisalat Company (Mobily) to begin an arbitration procedure related to Mobily's claim for Zain to pay an amount of SR2.21 billion.
'It is not clear to Zain the basis for Mobily's arbitrary demands even though Zain has been requesting Mobily to explain its demands for a long time. Zain has paid the amounts it owes except for some outstanding amounts totaling approximately SR 13000000' Zain stated.
Zain added that 'some of Mobily's claims are in contradiction to regulatory resolutions issued by the Communications and Information Technology Commission (CITC).'
Zain stated further that it does not consider that Mobily is able to appoint an arbitrator under the terms of the original agreement between the companies.
'According to what Zain knows Zain does not expect any unusual impact on its financial statements' Zain stated.
'It is not clear to Zain the basis for Mobily's arbitrary demands even though Zain has been requesting Mobily to explain its demands for a long time. Zain has paid the amounts it owes except for some outstanding amounts totaling approximately SR 13000000' Zain stated.
Zain added that 'some of Mobily's claims are in contradiction to regulatory resolutions issued by the Communications and Information Technology Commission (CITC).'
Zain stated further that it does not consider that Mobily is able to appoint an arbitrator under the terms of the original agreement between the companies.
'According to what Zain knows Zain does not expect any unusual impact on its financial statements' Zain stated.
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