Following the failure of T-Mobile's recent action against Virgin over their joint venture, Virgin Mobile, the latter company has launched its own attempt to force its German partner out of the 50:50 partnership, citing 'material breaches' of their joint venture agreement.
According to reports, T-Mobile took Sir Richard Branson's company to court to reduce the fees it pays to Virgin for managing its customers, arguing that T-Mobile was making a loss on its side of the operation. However, it has been suggested that T-Mobile executives were unhappy with the joint venture as far back as September 2000, and launched the court action in order to spark what is known as a 'default termination process'.
In its claim, lodged this week, Virgin suggested that the situation between the two telecoms companies is now 'incapable of remedy', and announced that:
'The claimants are entitled to serve on T-Mobile a Compulsary Sales Notice requiring T-Mobile to offer to sell their shares in Virgin Mobile Telecoms Limited,' according to the Observer newspaper.
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