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 taxes.
The ruling forces the banks to turn the money over to
Last week a British appeal court issued a similar ruling confirming that some $49 million deposited in a British bank account and claimed by Telecom Italia belongs to
Entel is the largest telecommunications company in
Telecom Italia has asked the World Bank to arbitrate in a dispute with
The nationalization of Entel is part of a drive by leftist President Morales to return to state control key economic sectors. (Reporting by Carlos Quiroga and Eduardo Garcia; Editing by Brian Moss)