Full Financial Recovery for Telecom Client

DeTeAsia Holding, a subsidiary of Deutsche Telekom (DT)
February 20, 2006

Attorneys from Steptoe’s London office secured a full recovery for DeTeAsia Holding, a subsidiary of Deutsche Telekom (DT), against Celcom of Malaysia, the state-controlled wireless telecommunications operator, arising from a share option dispute. 

Steptoe was retained in England to file proceedings to recognize and enforce a $232 million International Court of Arbitration Final Award and obtain a Freezing Order against Celcom with respect to its international roaming and interconnect revenues.  DT initiated arbitration proceedings against Celcom in March 2003 claiming damages plus interest for breach of an agreement related to the sale of Celcom that same year. 

Following heavily contested proceedings, the High Court of England and Wales recognized and enforced the Final Award and entered judgment in DT’s favor in February 2006 for over $233 million.  This amount represents full financial recovery for DT, including costs related to the arbitration and interest.

DT is one of the largest telecommunications companies in the world, and the largest in Europe.

Frank Roose, partner in the Brussels firm of Olislaegers & De Creus—a corporate firm associated with Steptoe’s Brussels’ office—was also involved in enforcement and attachment proceedings against Celcom in Belgium.