Settlement

Apr 12, 2014 (LBO) – Sri Lanka Telecom Plc, said it will pay Just In Time Holdings (Pvt) Ltd, which had supplied IPTV equipment, 673 million rupees, which includes legal costs and 171 million rupees in interest. Sri Lanka Telecom will make an immediate payment of 502 million rupees for set top boxes and legal costs, as part of an out of court settlement involving a 2007/2008 contract, the firm said in a stock exchange filing.

Interest of 171.1 million rupees will be paid in six installments.

Just in Time had won an arbitration award in their favour, but there had also been civil litigation. Following the out of court settlement, civil litigation would be withdrawn.