Auto importer Telcar Co. Ltd., owned by Rami Ungar, has filed a NIS 43 million claim for compensation from General Motors (NYSE:GM) with the Tel Aviv District Court.
Telcar claims that GM illegally cancelled Telcar's exclusive distribution contract to import Daewoo Motor Co. (KSE:4550) cars into Israel. Daewoo and Telcar signed a distribution contract in May 1993. GM and Daewoo signed a joint business agreement in April 2002. The Telcar-Daewoo contract was cancelled two months later.
Telcar claims that GM planned an implemented a worldwide scheme to dispossess Daewoo franchisees, including Telcar. Telcar claims that it had sold 50,000 Daewoo cars in Israel for NIS 3 billion.
No statement of defense has been submitted yet.
You comment was recieved and soon will be published.
Thank you for posting your comment, which will be reviewed for publication.
Load more comments