Nokia Gets $341 Million Payment From Turkish Government

STOCKHOLM -(Dow Jones)- Finland's Nokia, Friday said it has received a settlement payment of $341.25 million following the completion of the sale of the assets of Telsim Mobil Telekomunikasyon's, in accordance with an arrangement with Telsim and the Turkish Savings and Deposit Insurance Fund, which sold Telsim's assets to Vodafone.

This follows the settlement reached in August 2005 of Nokia's financial claims against Telsim, subject to the successful sale of the Turkish network operator's assets.

Nokia said it is pleased with the resolution of the issue with Telsim.

The closing of the settlement agreement opens the way for Nokia's continued support for Telsim's operations, which will benefit not only Telsim's subscribers but also the Turkish telecommunications market at large.

Nokia's claims arose from Telsim's default on its repayment obligations under a loan facility related to network equipment delivered in 2000.

In February 2004, the Arbitral Tribunal in Zurich fully approved the claim against Telsim.

(END) Dow Jones Newswires "

Posted to the site on 26th May 2006