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

comments powered by Disqus

MORE TELECOMS NEWS

MTN to empower African businesses with AWS Direct Connect

MTN Group today announced it would be the first African company to offer Amazon Web Services (AWS) Direct Connect to business customers across multiple countries on the continent. Read More

MTN leads in Cameroon with 11.2 million users

The third-quarterly verdict delivered last week by ART, the Cameroon telecom regulator, shows that MTN had 11.2 million users in Cameroon by 30 September 2014, and is therefore the leader of the mobile market in this Central African nation of 20 million people. Read More

MTN is Ivory Coast mobile market leader

With eight million subscribers out of a population of 22 million, South Africa’s mobile operator MTN has claimed the title of mobile market leader in Ivory Coast. Read More

TNM constructs bridge as part of promotion

Telekom Networks Malawi Limited (TNM) has constructed a bridge in the country’s former Capital City of Zomba as part of a promotional activity the company launched last year. Read More

Telecoms operators donate K20.5 m towards flood victims

Malawi's Association of Telecommunications Operators (ATOL) has donated K20.5m towards the relief assistance going to communities affected by floods and hailstorm in the country Read More

Airtel Kenya drops roaming rates in Uganda

Airtel customers can now browse for as low as Ksh 10 per MB while roaming in Uganda, a 78% drop in price.  Read More

MTL appoints new CEO

Malawi Telecommunications Limited (MTL) has appointed Harry Gombachika as its new Chief Executive Officer with effect from January 6, 2015.  Read More

MTN transforms enterprise business unit in South Africa to enhance overall client experience

MTN South Africa has announced the start of a process to reorganise its MTN Business unit, to strengthen its competitive advantage in the enterprise business solutions market. Read More

Vodafone Foundation Ghana donates new incubator to hospital

Vodafone Foundation Ghana on Tuesday donated a brand new incubator to the Neonatal Intensive Care Unit of the Nsawam Government Hospital at Nsawam in the  Eastern Region of Ghana.  Read More

M-Shwari loans help customers acquire smart devices

Following a month of trials, the Commercial Bank of Africa (CBA) and Safaricom have formally introduced a new proposition that will enable M-Shwari customers to access affordable loans to acquire smartphones and tablets. Read More

PRESS OFFICES

Sage ERP AfricaSAP AfricaSage Pastel AccountingTrust PayVMWareSamsung ElectronicsMitsumi DistributionPhoenix DistributionMTN BusinessSchneider ElectricMultichoiceMicrosoft 4Afrika

FEATURED STORY

UCC launches 2015 ACIA awardsUCC launches 2015 ACIA awards

Uganda has launched the fifth Annual Communications and Innovation Awards, which celebrate and foster ICT innovation and achievement.

IN DEPTH

Kenya’s digital TV battle hots up Kenya’s digital TV battle hots up

Kenya’s journey to Digital TV broadcasting took a new turn this week, when the Communication Authority of Kenya (CAK) accused three local media firms of intent to disrupt the process.

COMPANY NEWS

Albany CTG, Microsoft, collaborate on School of Government Program

The University at Albany’s Center for Technology in Government (CTG) has announced its collaboration with Microsoft Corporation to deliver executive level training to government leaders in Africa ...