Huawei Confirms its Settlement with Warid [Official]

Huawei’s petition case for the winding up of Warid Telecom has entered a new phase in which the Parties have begun working towards an amicable settlement of the matter, said a statement issued by Huawei’s PR firm.

Earlier the rumors of settlement between both the companies were denied by Huawei. But today, Huawei has said that negotiations are underway.

Huawei further said that there are significant steps still to be resolved and completed by Warid Telecom, but if these are expedited in a timely manner, the Parties believes there is a likelihood that the issue may be resolved in full.

Meanwhile, the hearing of the petitions have been adjourned to December 2, 2010, in the Lahore High Court Rawalpindi Bench.

Huawei has sought the winding up of Warid Telecom over, as claimed by Huawei, Money owed by Warid in excess of US $ 100,000,000 (US Dollars One Hundred Million) and defaults on monthly payments for August and September 2010.

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