Taiwan telecom carrier APBT settles loan lawsuit with Deutsche Bank

Asia Pacific Broadband Telecom (APBT), an operator of fixed-line and 3G mobile communication services in Taiwan, on October 19 announced the settlement of a lawsuit filed by Deutsche Bank AG with a court in London in April 2007 regarding a lending contract. However, APBT did not reveal conditions for the settlement due to non-disclosure agreement.

Asia Pacific Broadband Wireless Communications (APBW), an APBT subsidiary which was combined into the parent company in 2007, obtained a credit line of NT$3.667 billion (US$111 million) and US$97.5 million from the Taipei branch of Deutsche Bank in March 2006 for setting up 3G infrastructure, according to industry sources. APBW later violated the lending contract, prompting the bank to take legal actions, the sources indicated.