IRAN: Tehran court fines Coke $7m
Naser Davoudizadeh, director of Noushab soft drinks, said Coca-Cola, trading under the names Coca-Cola International, Coca-Cola Export and Canco Limited, pulled out of the joint venture after the US trade embargo was imposed.
Coke pulled out of the venture after only US$7.85m had paid into a US$15m investment with Noushab. The court fined Coca-Cola for the remaining US$7.15m, citing breach of contract.
It remains unclear what power the Tehran court has over Coca-Cola and whether it will actually have to pay the money. But Davoudizadeh has said he was willing to take the case to Washington itself.
Sectors: Soft drinks
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