Bharti – Econet case adjourned
The court hearing of the Econet – Bharti Airtel case has been adjourned in the Lagos High Court.
The Lagos High Court this week heard an application by Bharti Airtel seeking to prevent an International Arbitration Tribunal from making its final assessment of the quantum of damages and equitable compensation that they must pay to Econet Wireless for the violation of its shareholder rights. This comes after the UN Commission for International Trade Law ruled that Econet was entitled to a 5% share in Airtel Nigeria.
The tribunal ordered Bharti to pay damages and equitable compensation to Econet. The amount due to Econet will be set in the final stage of the arbitration process.
Econet says in a statement that Bharti is now seeking to prevent this from taking place. The hearing of the Bharti application started in April, and this week saw the first day of the substantive case, when legal representatives of both parties presented their arguments to the court. The Judge concluded the hearing by adjourning the proceedings until 4 October for the handing down of her decision.
In its written submission to the Court, Econet Wireless said that its experts believe the quantum of the equitable compensation and damages amounts to more than USD3 billion.