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GO forfeits €11.8 million

FNE Staff 2008-09-03
Telecom, broadband and cable TV company GO will forfeit €11.8 million in closing a case that dates back 33 years.
The loss results from a pension plan that dates back to GO's predecessor when it took over the original company in 1975. The Malta Independent reports that the unforseen court decision, combined with depreciation charges, resulted in a decrease of GO's profits to €1 million, instead of the 13% increase projected over last year. The case sets a precedent in Malta.