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Hogg Robinson and Kuoni have settled their dispute referred to
arbitration |
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Further to a Partial Award by an Arbitral Tribunal in Geneva on
February 21, 2008, Hogg Robinson and Kuoni have reached an agreement
on all outstanding points of their dispute. They have also agreed not
to divulge the details of their settlement.
Hogg Robinson had initiated arbitration proceedings against Kuoni in
October 2005 further to the sale of BTI Central Europe by Kuoni to
Hogg Robinson. Most of Hogg Robinson's claims were decided upon by
the Arbitral Tribunal in its Partial Award of 21 February 2008. The
issues remaining in dispute in the arbitration, as well as related
items, have now been settled amicably between the parties. The
arbitration proceedings will be withdrawn.
The Kuoni Group made provisions over the past few years for the risks
associated with these legal proceedings and the possible financial
repercussions thereof. A single-digit million-franc amount remaining
in these provisions will be released in the 2008 business year.
For full document in English and German please check the attached
link.
________________________________________
Laurence Bienz
Head Investor Relations
Kuoni Travel Holding Ltd.
+41 44 277 4529
laurence.bienz@kuoni.com
Copyright © Hugin AS 2008. All rights reserved.
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