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
BotswanaPost and ZimPost in money transfer dealBotswanaPost and its counterpart in Zimbabwe, ZimPost, have announced the introduction of the first inter-postal money transfer corridor. Read More
MTN, Huawei trial 2.4T WDM systemMTN, Africa's largest telecommunications operator and Huawei today announced the successful live trial of a Transport Software-Defined Networking (SDN) and 2.4Tbit/s wavelength-division multiplexing (WDM) system. Read More
Tigo supports 19th Ghana journalist awardsMobile Network Operator Tigo Ghana has presented 10 tablets valued at GHC20,000 to the Ghana Journalists Association (GJA) towards the annual Journalist Awards scheduled to take place at the Banquet Hall, State House, Accra. Read More
Africell DRC to launch 3G services end-2014Africell DRC is set to launch its 3G services at the end of the year, a source close to the company told Biztechafrica this week. Read More
The impact of Movitel on ICT in MozambiqueMovitel is reported to be contributing to changing the information communication landscape in Mozambique. Read More
SSA telecoms growing faster than any other regionThe African telecoms market is set to be one of the main growth success stories for the telecoms sector in the next 5 years, according to a new report. Read More
Tigo introduces unified short code for products and servicesTigo Ghana has announced the installation of a world-class IVR (Interactive Voice Response) that will give both its pre-paid and post-paid customers the opportunity to access all its product through a unified short code, 555. Read More
TNM to conduct biggest promotion pay-outTNM will on August 26 splash out over K100 million in its Ufulu@50 Promotion, the biggest payout in a single day in the history of promotions in Malawi. Read More
We don’t patronise fake OEMs, says GloGlobacom has said it does not patronise substandard original equipment manufacturers (OEMs) and telecoms equipment vendors. Read More
FEATURED STORYSafaricom-Equity battle for mobile banking hots up
Equity bank's entry to the mobile banking and telephony industry is still hanging in the balance with London-based global association of mobile operators (GSMA) calling for independent audit.
BEST READ NEWS
IN DEPTHKenya rolls out e-extension to improve agriculture
In a bid to curb the overwhelmed number of agricultural extension officers in Kenya, the ministry of agriculture is embracing technology with their introduction of E-Extension services, which are aimed at reaching out to over 7 million farmers annually.