Telecom Egypt Reaches $12.5 mln Settlement With Tanker That Cut Cables

Telecom Egypt (ETEL.CA) today announced the signing of a settlement with El Swefy Law Firm, the legal representatives of the “B-Elephant” tanker ship, that damaged and cut two submarine cables; EIG and TE North last March.

Under the terms of the agreement which has signaled the release of the “B-Elephant” tanker, the ship’s representatives will pay Telecom Egypt $12.535 million (USD) in a full and final settlement of all expenses related to repairs, spare parts and the cost of returning the two submarine cables to their original condition.

Mohammed Elnawawy, Managing Director and Chief Executive Officer of Telecom Egypt said: “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. The company will continue to take all legal actions to protect the submarine cables crossing Egypt’s territorial waters.