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$12.7-mn AAI dues seized by DT on Swiss court order

The Airport Authority of India (AAI) dues of over $12.7 million have been seized again, this time on orders from a court in Switzerland.

A Swiss court has passed an order to seize the amount held by the International Air Transport Association on behalf of AAI on an application by Deutsche Telekom, a minority shareholder in Devas Multimedia.

“For quashing of the seizure order in Switzerland, AAI is following the legal course as provided under Swiss laws, including the diplomatic channel,” AAI said in its response. “The matter is still sub judice,” it added.

“Deutsche Telekom (DT) is lawfully pursuing enforcement of a recognized international arbitration award against India based on the Germany – India investment protection agreement. As these are ongoing proceedings, we do not wish to comment further,” a company spokesperson said. Latest News Media

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