High Court dismisses Bharti Airtel application
TELECOMS| Oct. 6, 2012, 12:37 p.m.
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.
MORE TELECOMS NEWS
MTN Ghana ready to deploy 4G LTEThe Chief Executive Officer at MTN Ghana, Ebenezer Twum Asante, has indicated MTN Ghana’s readiness and preparedness to deploy 4G LTE in the country. Read More
New Airtel shop opens in MeruAirtel has unveiled a new walk-in Service Centre in Meru that offers customers the convenience and ease of access to Airtel's range of value-added products and services. Read More
BTCL releases ‘ultimate communications solution’The Botswana Telecommunications Corporations Limited (BTCL) has unveiled a mobile VSAT product meant to revolutionise the way of doing business in the country. Read More
Glo unveils Twin Bash with 400% data bonus, 200% airtime bonusJust two weeks after the launch of the Free Tomorrow promo, Globacom has unveiled another promo with benefits that include quadruple data and free double airtime for calls to all network. Read More
Vodafone Ghana CEO urges African SMEs to embrace technology as a key enablerVodafone Ghana Chief Executive Officer Haris Broumidis has urged local entrepreneurs to embrace technology to help their businesses to grow. Read More
Orange signs an agreement with Helios Investment Partners for sale of Telkom Kenya stakeThe Orange Group has announced that it has signed a binding agreement with Helios Investment Partners for the sale of its entire 70% stake in Telkom Kenya. Read More
MTN CEO resignsMTN has appointed Phuthuma Nhleko as Executive Chairman in a temporary capacity following the resignation of Sifiso Dabengwa as CEO. Read More
MTN clarifies NCC fine statusMTN has released a statement to clarify the Nigeria Communications Commission (NCC) fine and related issues. Read More
Vodacom stresses the need for unified communication for the growth of Nigerian SMEsDare Ogunlade, General Manager of Cisco Nigeria, has highlighted the benefits of Unified Communications (UC) to SMEs. Read More
WIOCC CEO among telecoms’ 100 most powerful people for 5th consecutive yearFor the fifth consecutive year, Chris Wood, CEO of Africa’s carriers’ carrier WIOCC, has been named as one of the 100 most powerful people in the global telecommunications industry. Read More
FEATURED STORYeCommerce in Africa urged to take advantage of mobile
The Executive Chairman of Alltel has urged operators of eCommerce in Ghana and Africa as a whole to take advantage of the current trend for Africans to trade online via their mobile handsets.
BEST READ NEWS
IN DEPTHNigeria needs $25b investment in broadband, says Wood
Telecoms executive Adrian Wood speaks to Kokumo Goodie about investment potential in Nigeria.