Claro, TIM, Vivo hints at arbitration against Oi

Claro, TIM, Vivo signals arbitration against Oi

Telefonica Brasil (Vivo), Claro and TIM have signalled intentions to launch court proceedings against bankrupt rival Oi, for allegedly breaching contractual terms of the deal for Oi’s mobile assets, reported CommsUpdate.

The three operators who joined hands to buy and divide up its rival reportedly demanded a partial refund of BRL3.2 billion (US$615m) from the BRL16 billion the consortium paid.

Local media outlet Valor Economico reported the Rio de Janeiro court ordered the three operators to deposit BRL1.5 billion with it, before continuing the arbitration process.

Oi denied any wrongdoing on its part. The beleaguered operator also stated it had not received contact from the Market Arbitration Chamber about the legal action from the trio.

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