Hellenic Telecommunications Organization SA (ASE: HTO, NYSE: OTE), the Greek full-service telecommunications provider, announces that on August 22, 2008, it proceeded with the temporary halt of certain interconnection circuits provided to Αltec Telecoms SA as a result of the latter?s overdue accounts with OTE and its failure to respond to its financial obligations over a long period of time.
Altec Telecom SA?s overdue accounts with OTE, for the current provision of services, exceeds euro 19 million, excluding the services provided during the months of July and August 2008.
ΟΤΕ had repeatedly requested, exhausting all means of negotiation, from Αltec Telecoms SA, the settlement of all of its overdue accounts, also stating that under the circumstances that Αltec Telecoms SA would fail to respond to its financial obligations, OTE would resort, in line with applicable law, to the discontinuation of the provision of its services to Αltec Telecoms SA. Additionally OTE had timely informed the Regulatory Authority (NTPC) of the aforementioned facts.
On August 25, 2008, the Single Judge Court of First Instance of Athens (Monomeles Protodikeio) rejected the claim of Altec Telecoms SA for the issue of a temporary order for the restitution of the provision of interconnection services that had been halted by OTE on August 22, 2008.
OTE remains focused on defending its financial stability against the practices of other operators which believe that OTE may be used as a telecommunications bank. OTE intends to repeat similar practices in order to safeguard the company?s and its shareholders rights.