Colombia Telecomunicaciones, the state-owned telecommunications company, paid US$80 million to Canada's Nortel Networks to settle a legal battle over joint-venture contracts between the two companies

Latin Trade, May, 2004

COLOMBIA TELECOMUNICACIONES, the state-owned telecommunications company, paid US$80 million to Canada's Nortel Networks to settle a legal battle over joint-venture contracts between the two companies. As part of the settlement, Nortel will transfer ownership of more than 600,000 telephone lines.