SWEDISH AUTOMOBILE REACHED SETTLEMENT WITH ORANGE INDIA
Zeewolde, The Netherlands, 28 September 2011 – Swedish Automobile N.V. (Swan) announces it has reached agreement with Orange India Holdings S.a.r.l. (OIH) for the full and final settlement of several potential claims related to the sale of the Formula One team by Swan and its subsidiary Spyker Events & Branding B.V. (Spyker) to OIH in 2007.
According to the settlement agreement, Spyker and Swan will pay OIH an amount of GBP 2.5 million of which EUR 1.45 million is released from an escrow account. The remainder will need to be paid within 6 months. The settlement excludes the existing indemnity given by Swan to OIH for an alleged claim of Mr. Colin Kolles in the amount of EUR 1.2 million which OIH disputes