Bolivian President Evo Morales announced the government takeover of Entel on May 1, claiming Telecom Italia failed to meet investment commitments and owed the state $645 million in fines and back taxes.
The Bolivian government is facing legal challenges from the company over compensation.
Nationalization Minister Hector Arce told reporters in
The money will be turned over to Entel and invested in the company's expansion, Cabrera told Reuters.
Entel is the largest telecommunications company in
The state takeover of Entel is part of a drive by leftist President Morales to return to state control key economic sectors.
Morales has signaled
No one could be reached for comment at the company's offices in
"We hope that (Telecom Italia) will stop the process at the ICSID and sit down... to find a solution," said Arce. (Reporting by Eduardo Garcia)