Vodacom DRC share sale halted
The Democratic Republic of Congo Supreme Court has suspended a planned mandatory auction of shares in the local unit of Vodacom.
Vodacom said the share auction, which was planned for last week, was suspended pending the outcome of certain legal proceedings.
Vodacom has been embroiled in a legal battle over USD21 million in fees claimed by DRC consultant Moto Mabanga. Vodacom, with a 51% holding in Vodacom Congo, also has a long-standing legal dispute with its minority partner, Congolese Wireless Networks (CWN), for around two years.
CWN, a minority partner in Vodacom DRC, took Vodacom to court over alleged unpaid fees, alleging fraud and abuse of trust. The matter is reported to be holding up attempts to sell the DRC operation.