An arbitration court in France has ordered Iceland’s biggest telecommunications company, Siminn, to pay EUR 7.7 million for a contract dispute from 2003 with a company called Geolink.
Seamobile Europe brought the charges against Siminn, which now has to pay compensation for having benefited from Geolink’s future profits.
The Reykjavik District Court has ruled that the French decision is domestically enforcible against the Icelandic company.
Siminn responded, saying that the fine is not in accordance with Icelandic law and says it intends to appeal, RUV reports (without giving further specific details).
Siminn is the former state-run telecoms company in Iceland which was privatised in 2005 — meaning that the dispute with Seamobile Europe stems from when the company was still majority owned by the government.