MANHATTAN (CN) – The Republic of Bolivia illegally expropriated Euro Telecom International’s half share in Entel, the Bolivian telephone company, the European telecom claims in Federal Court.
Bolivian President Evo Morales nationalized the Empresa Nacional de Telecomunicaciones Entel by proclamation on May 1. ETI claims the expropriation was illegal, and that Bolivia paid it nothing for the shares, which are worth at least $36 million.
ETI says it tried to arbitrate the dispute in 2007 at the World Bank’s International Center for Settlement of Investment Disputes in Washington, D.C., but Bolivia refused to participate.
ETI is represented by Orrick, Herring & Sutcliffe.