Vodafone hit with 250 million euro lawsuit in Greece
Vodafone has been served with a 250 million euro ($343.26 million) lawsuit for allegedly breaching its contracts and causing harm to a Greek retail partner, the Financial Times reported late on Sunday.business Updated: Dec 16, 2013 10:34 IST
Vodafone has been served with a 250 million euro ($343.26 million) lawsuit for allegedly breaching its contracts and causing harm to a Greek retail partner, the Financial Times reported late on Sunday.
The FT, citing claims it had seen, said that Vodafone Greece last week received details of the civil lawsuit from MTS, a local telecoms retailer that sold Vodafone contracts and services in the country.
MTS, in which the British telecoms group owns a 40 percent stake, claimed that Vodafone restricted its ability to operate through the cancellation of a loan restructuring and the termination of a co-operation agreement involving maintenance services and loan contracts, the Financial Times said.
MTS also claimed that it was prevented from listing on the Athens stock exchange by Vodafone, which exploited its economic dependence on the British group.
"The claims are without merit and the purported losses completely fanciful. Vodafone will be defending them vigorously," Vodafone told the Financial Times.
MTS and Vodafone could not be reached for further comment outside of regular business hours. Vodafone, the second-biggest operator in Greece behind Deutsche Telekom's Cosmote, was also served with the documents in London, the paper said on its website. It added that the court hearing had been set for April 2016.