Telecom Egypt has signed a US$12.535 million deal in full and final settlement for the damage to two submarine cables last year by the ship known as “B-Elephant”.
The operator today announced the settlement signed with the ship’s legal representatives, El Swefy Law Firm, which is to make payment of the agreed amount.
The settlement covers all expenses related to the repair and returning to functionality of the EIG and TE North cables damaged by the tanker ship last March.
“Telecom Egypt will never give up, nor compromise defending its rights and the rights of its partners in regard to the submarine cables. This includes ensuring the preservation of the company’s investments and shareholders’ equity,” said Mohammed Elnawawy, managing director and chief executive officer (CEO) of Telecom Egypt.
“The company will continue to take all legal actions to protect the submarine cables crossing Egypt’s territorial waters.”
The company said payment of the settled amount will signal release of the B-Elephant tanker.
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