ITT SETTLES CHILE CLAIMS WITH OPIC

• Document Type: CREST
• Collection: General CIA Records
• Document Number (FOIA) /ESDN (CREST): CIA-RDP09T00207R001000020003-0
• Release Decision: RIPPUB
• Original Classification: U
• Document Page Count: 4
• Document Creation Date: December 22, 2016
• Document Release Date: August 9, 2011
• Sequence Number: 3
• Content Type: OPEN SOURCE

Sanitized Copy Approved for Release 2011/08/09: CIA-RDP09T00207R001000020003-0
TRAS1SM1-1. TAL SLIP I DATE
TO: John Warner
ROOM NO. I BUILDING
This, from the Post of a
few days ago, in case you
missed it.
/.+/
STAT
John,
00546
EXTENSION
EB 55 Z 't 1 WHICH MAY BE USED. (47)
Sanitized Copy Approved for Release 2011/08/09: CIA-RDP09T00207R001000020003-0
 Sanitized Copy Approved for Release 2011/08/09: CIA-RDP09T00207R001000020003-0
(tile-as
i
With Olt'.
Dow Joan Mews Service
The Overseas Private In-
vestment Corp. yesterday
said it has reached # settle-
ment of all outstanding is-
sues in connection with In-
ternational Telephone , &
Telegraph Corp.'s $95 mil-
lion political risks insurnace
claim for Chile's expropria-
tion of the Chile Telephone
Co.
OPIC president, Marshall
outcome _ of_ ITT's_ egotia-
agreed to pay a total pac--
age of $135.2 minion for
I T's equity and debt in the
nationalized utility.
Under the terms of
purchased notes valued at
$35 million from 17T and
guaranteed an addit on$1 $5i
million of notes issued to ITT
by Corfo, the thileaA develop-
;ment eorpo ion.
OPIC also tai l return $4
million In premiums WM by
the company 'since the ex-
propriation.
OPIC's announcement of
a settlement followed a deci-
sion,favorable to ITT by an
independent panel of arbi-
trators under the: auspices.'
Association. V
Thep t upheld ITRes in-
rance c'la "o[ April' 1978
hich OPIC had denied' , on
br~tis Ott"the corpora-
failed to, satisfy
'^ritraotua1 renlrfrrrnan1
Sanitized Copy Approved for Release 2011/08/09: CIA-RDP09T00207R001000020003-0
 STAT
Sanitized Copy Approved for Release 2011/08/09: CIA-RDP09T00207R001000020003-0
11V
Sanitized Copy Approved for Release 2011/08/09: CIA-RDP09T00207R001000020003-0