TeamTalk accused of taking value from subsidiary by minority shareholder

Fri, 19 Oct 2012

By Paul McBeth Oct. 19 (BusinessDesk) - TeamTalk, the owner of the CityLink fibre-optic broadband service, faces a courtroom showdown with a jilted minority shareholder who claims the Wellington company has sought to take value from its subsidiary, Araneo. Tim Martin, a former director of Araneo and minority shareholder, has filed a claim in the High Court in Wellington alleging the company transferred valued from its subsidiary to itself, TeamTalk said in a statement. Martin is seeking to be reinstated as an Araneo director. "With the all...

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