Proactive Investors - Run By Investors For Investors

Telit reaches settlement over BAMES dispute

In an announcement issued late afternoon Tuesday, Telit said it would pay €840,000 plus €21,000 in legal costs without any admission of liability and against a waiver from the administrators of BAMES of all claims against the company
Judges gavel
A civil claim against Telit was filed in July 2018 by BAMES’ administrators

Telit Communications PLC (LON:TCM) said it has reached a settlement with the administrators of Bartolini After Market Electronic Services (BAMES) in regard to the liquidation of the latter.

In an announcement issued late afternoon Tuesday, the internet of things (IoT) products provider said it would pay €840,000 plus €21,000 in legal costs without any admission of liability and against a waiver from the administrators of BAMES of all claims against Telit.

READ: Telit says it is blameless in respect of BAMES's demise

BAMES entered into several agreements with Telit and its Italian subsidiaries between 2007 and 2010.

In 2013, BAMES went into liquidation and some three years later Telit became aware of a criminal investigation against a number of parties with respect to BAMES's insolvency, including Telit's former chief executive officer.

This was followed by a civil claim against Telit in July 2018 by BAMES’ administrators in regard to Telit’s involvement in the firm.

In early trading Wednesday, Telit shares were down 1.5% at 137p.

View full TCM profile View Profile

Telit Communications PLC Timeline

Big Picture
March 01 2019

Related Articles

Keywords Studio
Mon
Keywords has a buy-and-build strategy and has been expanding rapidly since its first acquisition in 2014.
machines
February 04 2019
“We continue to focus on further strengthening our engineering capability and optimising quality management to meet the expected growth in demand for driver monitoring systems,” chief executive Ken Kroeger.
Irrigation
May 15 2019
The company’s products can be used for wireless and mobile internet applications, while its military hardware encompasses a range of tactical and specialised communications antennas

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use