High Court dismisses Bharti Airtel application

TELECOMS

|
Image: By BiztechAfrica
High Court dismisses Bharti Airtel application

Econet reports that the High Court in Lagos, Nigeria, has dismissed an application by Bharti Airtel to set aside an award made by an international commercial arbitration tribunal in favour of Econet Wireless.

Econet says the judgement paves the way for the matter to be referred back to the international tribunal to set the quantum of damages and compensation that Bharti must pay to Econet Wireless. In Court papers, Econet said that it is submitting a claim valued in excess of USD3 billion.

 The international tribunal (comprising senior Nigerian and English lawyers) found multiple breaches of a shareholders’ agreement by both the selling shareholders and Celtel Nigeria, now Bharti Airtel Nigeria, ordering them to pay damages/equitable compensation to Econet (in an amount to be determined in a further round of the arbitration). 

The ruling said that the purchase of a 65% shareholding in Nigeria's second largest cell phone company, by Celtel, was violated the pre-emption rights of existing shareholder, Econet Wireless. Celtel’s parent company, Zain of Kuwait later sold the controlling stake to Bharti Airtel, the Indian telecoms operator. The international tribunal’s award was handed down in December last year.

The Court found that the International Tribunal had been correctly constituted, had jurisdiction and had acted correctly on all accounts.



Share the News

Get Daily Newsletter

Search News

comments powered by Disqus

MORE TELECOMS NEWS

Bharti Airtel announces new MD for Uganda

Bharti Airtel has announced the appointment of Anwar Soussa as the Managing Director of Airtel Uganda, with effect from 1 June 2016.    Read More

Airtel opens new service outlet in Lagos

Airtel Nigeria, has opened a new service outlet, 'Expo Centre' at 47 Adeola Odeku Street, Victoria Island, Lagos. Read More

Mayor opens new ICT shop

Her Worship the Mayor of Francistown has opened the doors of a new ICT initiative in Francistown, in the form of a shop from the country’s leading mobile communications provider, Mascom.   Read More

Africell, Airtel on collision course over cable

Uganda’s Africell is set for a legal battle with Airtel as the two trade accusations over the theft of fibre optic cables. Read More

Vodacom coasts home with two industry awards

Solomon Ogufere, Dr Ernest Ndukwe and Lanre Kolade Vodacom Business Nigeria has won two prestigious awards at the Beacon of ICT (BoICT) Awards ceremony. Read More

Vodafone Ghana to reward whistleblowers on cable theft

Eric Kwame Tetteh Vodafone Ghana is enlisting the help of the general public to help curb cable theft across the country. Read More

MTN Cameroon renews subscriber identification

MTN Cameroon has launched a nationwide campaign that will run until June 2016 to confirm the identity of each subscriber.  Read More

Dairo, Ogiemwanye, Uwaoma now Directors at Etisalat Nigeria

Etisalat Nigeria has announced the appointment of Adeolu Dairo as Director, Consumer Segment, Elvis Ogiemwanye as Director, Brand & Experience and Eric Uwaoma as Director, Enterprise Segment.  Read More

Kenya Power, Safaricom in broadband project

Kenya Power International and Safaricom have signed a MoU that will see more Kenyans connected to broadband Internet.  Read More

MTN Ghana undertakes 4G LTE site testing

MTN Ghana says it has started testing over 60 cell sites located in four different regions of Ghana to pave the way for a successful 4G LTE launch in the third quarter of this year.  Read More

PRESS OFFICES

Sage EnterpriseSAP AfricaTrust PayVMWareSamsung ElectronicsMitsumi DistributionPhoenix DistributionMTN BusinessSchneider ElectricMultichoiceMicrosoft 4AfrikaNetworks UnlimitedArbor Networks

FEATURED STORY

Criticism over Remita borne out of ignorance, says SystemSpecsCriticism over Remita borne out of ignorance, says SystemSpecs

The CEO of SystemSpecs, the company behind the revenue-saving Nigerian Single Treasury Account (TSA) system, speaks to Biztechafrica.

IN DEPTH

IBM Opens First Cloud Data Centre in South AfricaIBM Opens First Cloud Data Centre in South Africa

IBM is opening a new IBM Cloud Data Centre in Johannesburg, South Africa. The new cloud center is the result of a close collaboration with Gijima and Vodacom and is designed to support cloud adoption and customer demand across the continent.  

COMPANY NEWS

Keeping up with the mobile banking evolution

Africa especially has witnessed the trend of mobile banking, due to the well-known fact that today more people on the continent have access to a mobile phone ...