Econet seeks USD3.1bn in damages
Econet Wireless wants over USD3.1 billion in damages from Bharti Airtel in the Airtel Nigeria ownership dispute.
Last month, the Nigerian High Court ruled that Econet Wireless was entitled to a 5% stake in Airtel Nigeria, because it had held a stake in Zain when Zain’s Africa holdings were sold to Bharti Airtel. Econet said its stake in Zain had been unfairly dismissed; so decisions made without its vote, such as the sale to Bharti, were void.
The court upheld this claim. Airtel Nigeria then filed an Application for Stay of Execution of the court judgment.
Econet said it was now claiming for damages in excess of USD3 billion. A document filed in the court said: "The above estimated damages might also be in addition to a claim for USD100 Million received by the Applicant as fees for the management of VNL (Vee Networks Limited, a former name of Airtel) for a period of 6 years which sum should have accrued."