KUALA LUMPUR, Feb 10 (Bernama) -- In protecting its investment in Ghana, Telekom Malaysia Bhd (TM) has sent a Notice of Arbitration to the Government of Ghana (GOG) for the commencement of arbitration proceedings under the UNICITRAL Arbitration Rules.

"Upon the receipt of the Notice by the GOG, the parties will determine the constitution of an Arbitral Tribunal to decide the modalities of the arbitration proceeding," TM said.

"It is expected that the arbitration proceeding would conclude within a period of 18 to 24 months from the date of filing of the Notice," it said.

On Jan 22-23, 2003, TM's negotiating team met with the GOG's negotiating team to discuss outstanding issues relating to the sale of G-Com's 30 percent stake in Ghana Telecommunications Co Ltd (GT) and other related matters.

"However, the parties failed to reach an amicable settlement of the issues," TM said in updating the Kuala Lumpur Stock Exchange on its investment in GT, today.

Other related matters between the GOG, GT and TM were -- Deposit Refund of US$50 million pursuant to the Heads of Agreement dated Aug 10, 2000; and the outstanding consultancy fees of US$7.3 million due and payable to TM International Sdn Bhd, a wholly owned subsidiary of TM by GT.

TM will announce further development on the arbitration proceedings at an appropriate time.