Symbol go
GD         Turnover  mln.

Altecs Answer To The Capital Market Commission

In reply to a relevant question asked by the Capital Market Commission, which arose from a press release issued by OTE on 22/8/2008 and an announcement made by our company in the Daily Official List of the Athens Stock Exchange on 25/8/2008, and in accordance with article 2, paragraph 3 of Resolution no. 3/347/12.07.2005 passed by the Board of Directors of the Capital Market Commission, we would like to inform you on the following:
a) The capacity percentage of the total telephony interconnection circuits of our subsidiary Altec Telecoms S.A. which have been cut off by in the entire territory of Greece is 85%. The ADSL interconnection has been cut off by 75%, whereas 10 long distance leased circuits (backbone) have been cut off, and the Athens Internet Exchange () has been cut off by 80%.
b) Since our subsidiary Altec Telecoms S.A. intends to pay its overdue amounts to OTE in the following days, in cooperation with its crediting banks, it is expected that OTE will activate the circuits and thus we feel that the companys financial results will not be materially affected both for Altec Telecoms and the Group in general.
However, even this short cut-off of our circuits is illegal and abusive, thus dealing a serious blow on the image and reputation of our company, and thus we intend to seek indemnification using all available legal means.
c) The overdue amounts owed by Altec Telecoms S.A. to as at 22/8/2008 amounted to euro 6.8 million. The balance of the amount settled through an agreement concluded on 26/10/2007 is now equal to euro 4.6 million, and payment thereof will be made in accordance with a settlement reached on 31/8/2009.
The amounts due which are doubted by our Company, for which OTE does not have any documents of proof whatsoever, which makes them totally ungrounded, amount to euro 7.5 million.
In the following days we are going to negotiate a settlement aimed at restoring the companys operations, in an effort to minimize the problem that arose from circuit cut-off by OTE. The abusive behavior of OTE, which uses its dominant, even monopolistic in some cases, position has forced us to make payments even for ungrounded debts.
However, to ensure the full restoration of the services we offer to our customers, we will use the circuits of other providers, where possible, in order to continue the smooth operation of the company.
Follow to Social Media
  Did you find this article interesting?: