MobilCom wants bigger cash settlement from France Telecom

German mobile firm MobilCom will ask French Telecom to pay damages of 7.2 billion euros ($8.7 billion), rather than the 4.25 billion euros ($5.1 billion) it earlier demanded, a report from Die Welt said. 

 

The report said Gerhard Schmid, the founder of MobilCom, who filed for private bankruptcy in February 2003, has made the demand.

 

The administrator is accusing the French company of breach of contract, explaining that, contrary to an agreement, it contributed only a small part of the financing of a UMTS network for MobilCom, the report said.

 

The administrator argues that France Telecom must accept liability for the lost profit opportunities suffered by MobilCom as well as outstanding payment obligations.

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