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Total files arbitration claim against SCH |
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| Oct. 13, 03 |
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The actions initiated by Banco Santander Central Hispano (SCH) in the past weeks have shown persistent disagreements between SCH and Total regarding the effect, if any, of the Spanish law 26/2003 of July 17, 2003 on their contractual relations. Given these circumstances, in order to preserve its rights, Total filed arbitration claims against SCH today with the Netherlands Arbitration Institute in The Hague, in accordance with the arbitration provisions of the agreements between SCH and Total.
As indicated to the CNMV on October 10th, 2003 Total reiterates, as well, its willingness to proceed with the immediate liquidation of the holding company Somaen Dos S.L., in order to clarify the positions of Cepsa's corporate shareholders and to contribute to the transparency of the market. |
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