home
Econet Wireless in the media Econet Wireless press releases Econet Wireless Nigeria dispute
 
media@econetwireless.com
   To view global news on Econet Wireless, please click here

 

 

OVERVIEW

Econet Wireless Nigeria (EWN) was founded as a subsidiary of Econet Wireless Group, and successfully bid for a mobile telecoms license in Nigeria in 2001.

In 2003, a series of improper decisions were taken by the Nigerian members of EWN, which resulted in the cancellation of Econet Wireless Limited’s (EWL) shares in EWN, the deletion of its name from the shareholders register, and a change of name from EWN to Vee Mobile Networks.

On 24 January 2012, the Federal High Court of Nigeria found in favour of EWL, on all counts in its legal case. The Honourable Mr. Justice Schauib ruled that EWL’s shareholding in the company must be reinstated, that the name of the company (now Bharti Airtel Nigeria) should be reversed back to EWN, and that all decisions in which EWL was entitled to participate in as a shareholder, but was prevented from doing so, are null and void.

 

 

Press Statement BREAKING NEWS: 24 FEBRUARY 2014-NIGERIAN COURT OF APPEAL RELEASES JUDGEMENT IN ECONET WIRELESS VS BHARTI CASE - CLICK HERE

  PRESS STATEMENT: 29 OCTOBER 2012 - LAGOS HIGH COURT REJECTS BHARTI APPEAL IN WRITTEN JUDGEMENT - CLICK HERE

  PRESS STATEMENT: 4 OCTOBER 2012 - LAGOS HIGH COURT REJECTS BHARTI APPLICATION TO SET ASIDE TRIBUNAL AWARD- CLICK HERE


  PRESS STATEMENT: 5 June 2012 - Bharti seeks to block International Tribunal from quantifying compensation and damages owed to Econet - CLICK HERE



  MEDIA UPDATE: Federal High Court dismissed Bharti Airtel's application for a stay - 7 May 2012 CLICK HERE


    Ruling on interim relief pending Appeal - PDF file 881kb


   

Bharti files further application before the Nigerian Court of Appeal, against the decision of the Honorable Justice Shuaibu of the Federal High Court of Nigeria -  10 May 2012 - PDF 227kb

 

  MEDIA UPDATE: Bharti Injunction hearing 28th February 2012, Lagos High Court Nigeria. CLICK HERE

  REUTERS -"ECONET WIRELESS IS SEEKING AT LEAST $3.1bn IN DAMAGES FROM BHARTI" CLICK HERE

 

 

On 24th Jan 2012, in the Federal High Court of Nigeria, the Honorable Justice Shuaibu, handed down judgment in the matter between Econet Wireless Ltd vs. Bharti Airtel Nigeria Limited. In these chapters, Mr. Strive Masiyiwa, Executive Chairman of Econet Wireless International discusses this extraordinary case & the significance of this ruling on Corporate Africa.

11 Chapters now online

 

Watch video


Econet Wireless telivised interviews

CNBC Econet has won a legal battle in Nigeria over its stake in a business it founded there, which Bharti Airtel had purportedly bought in 2010.

Strive Masiyiwa, Executive Chairman of Econet Wireless, joins ABN's Hannah Viviers in studio for more detail.
  Watch video
 
 

Econet Wireless global news on Nigeria dispute




BUSINESS DAY - Airtel expansion drive hit by Econet $3.1bn claim - 29/02/2012
   
RTT NEWS - Bharti Airtel faces $3.1bn suit - 23/02/2012
   
FINANCIAL TIMES - Bharti Airtel faces $3.1bn suit - 23/02/2012
   
THE ECONOMIC TIMES - Bharti Airtel shares fall after Econet seeks $3.1 billion in damages - 23/02/2012
   
THE TIMES OF INDIA - Econet Wireless seeks $3.1bn in damages from Bharti Airtel - 22/02/2012
 
REUTERS - ECONET SEEKS $3.1 BILLION DAMAGES FROM BHARTI AIRTEL - 22/02/2012
   
Channels
CHANNELS TELEVISION - COURT RESTORES ECONET'S SHAREHOLDING IN AIRTEL - 04/02/2012
   
Zimbabwe Mail
THE ZIMBABWE MAIL - ECONET WINS IT'S LONG BATTLE IN NIGERIA - 02/02/2012
   
THE TIMES - UK - BOWING TO PUBLIC OPINION CARRIES A HEAVY COST - 30/01/2012
   
REUTERS - COURT CHALLENGES BHARTI'S OWNERSHIP OF AIRTEL NIGERIA - 31/01/2012
   
THE NATION - COURT ORDERS AIRTEL TO REVERSE TO ECONET - 31/01/2013
   
THE ECONOMIC TIMES - AIRTEL APPEALS AGAINST NIGERIAN COURT ORDER ON ECONET HOLDING - 30/01/2012
   
THE FINANCIAL TIMES - BHARTI AIRTEL: NIGERIAN TROUBLES - 31/01/2012
   
TELEGEOGRAPHY - COURT REINSTATES ECONET'S STAKE IN AIRTEL NIGERIA; BHARTI TO APPEAL - 31/01/2012
   
COMTEX - AIRTEL APPEALS AGAINST COURT ORDER ON ECONET HOLDING - 31/01/2012
   
TECHZIM - ECONET WIRELESS GROUP TRIUMPHS IN NIGERIA - 30/01/2012
   
PM NEWS - AIRTEL APPEALS AGAINST JUDGEMENT ON ECONET - 30/01/2012
   
THE MOMENT - AIRTEL TO APPEAL VERDICT CEDING 5% SHARE TO ECONET - 30/01/2012
   
THE OSUNDEFENDER - PANIC IN AIRTEL OVER OWNERSHIP DISPUTE BY ECONET WIRELESS - 30/01/2012
   
NDTV - NIGERIAN COURT ORDERS BHARTI TO REINSTATE ECONET'S 5% STAKE - 30/01/2012
   
TELECOMPAPER - COURT SAYS AIRTEL NIGERIA MUST RETURN ECONET WIRLESS' STAKE - 30/01/2012
   
FINANCIAL TIMES - BHARTI FACES FIGHT ON ZAIN DEAL - 09/06/2010
   
BLOOMBERG -- ZAIN'S DISPUTE IN NIGERIA MAY COMPLICATE PLANS TO SELL STAKE - 06/10/2009
   



 
 
BREAKING NEWS: 4 OCTOBER 2012 - Lagos High Court rejects Bharti Application to set aside Tribunal Award.

 

LAGOS HIGH COURT REJECTS BHARTI APPLICATION TO SET ASIDE TRIBUNAL AWARD.

Nigeria – 4 October 2012: The High Court in Lagos, Nigeria, today dismissed an application by Bharti Airtel to set aside an award made by an international commercial arbitration tribunal in favour of Econet Wireless. 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 $3bn.

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.

In an extensive judgment, the Lagos High Court found that the International Tribunal had been correctly constituted, had jurisdiction and had acted correctly on all accounts.




 

  PRESS STATEMENT: 5 June 2012 - Bharti seeks to block International Tribunal from quantifying compensation and damages owed to Econet

The Lagos High Court yesterday heard an application by Bharti Airtel, an Indian telecommunications group, and others 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.

In December last year an International Tribunal, set up under the auspices of the United Nations Commision for International Trade Law (UNCITRAL) and comprising senior lawyers from Nigeria and England, found that there had been multiple breaches of the shareholders agreement when Celtel Nigeria, now Bharti Airtel, had acquired control of 65% of the shares in the Company and ordered them to pay damages and equitable compensation to Econet. The amount due to Econet will be set in the final stage of the Arbitral process which Bharti is now seeking to prevent taking place.

The hearing of the Bharti application started in April, and yesterday, 4th June, was the first day of the substantive case, when legal representatives of both parties presented their arguments to the Court. The Judge concluded yesterday's hearing by adjourning the proceedings until 4th 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 US$3bn.


 
 

MEDIA UPDATE: Federal High Court of Nigeria dismissed Bharti Airtel's application for a stay preventing the implementation of an earlier decision made by the Court in favour of Econet Wireless- 7 May 2012


At a court hearing held today in the Federal High Court of Nigeria the Honorable Justice Shuaibu dismissed Bharti Airtel's application for a stay preventing the implementation of an earlier decision made by the Court in favour of Econet Wireless.  Bharti sought the stay to prevent Econet Wireless from enforcing its rights pending Bharti’s appeal of a landmark ruling handed down in January 2012. In the earlier judgment, the Honorable Court ruled that:

 

  • Econet Wireless is the beneficial owner of a 5 per cent shareholding in Econet Wireless Nigeria Limited (“EWNL”) and its share certificates must be re-issued
  • As a shareholder, Econet Wireless had a right to participate in all decisions which required shareholder approval and consequently all 'resolutions passed' since October 2003 by shareholder agreement in which Econet was not invited to participate are null and void and must be reversed.
  • The change to the name of the Company to Bharti Airtel Nigeria was irregular, null and void and must be reversed to rename the Company EWNL.

Econet Wireless will seek to implement the ruling without delay and to continue its work to ensure its rights under the law are upheld.

    Ruling on interim relief pending Appeal - PDF file 881kb


   

Bharti files further application before the Nigerian Court of Appeal, against the decision of the Honorable Justice Shuaibu of the Federal High Court of Nigeria -  10 May 2012 - PDF 227kb

In a separate dispute relating to the Nigerian company, the High Court in Lagos has set the date of 4 June to hear another injunction application by Bharti Airtel which has been filed and seeks to prevent an international arbitral process from assessing the amount of equitable compensation and damages due to Econet Wireless. This Arbitral Process, established under UNCITRAL, has determined that Econet Wireless was prevented from exercising its right of pre-emption when 65 per cent of the shares in Econet Wireless Nigeria Limited were sold to Zain which was subsequently acquired by Bharti. In its submission to the Lagos High Court, Econet Wireless has said that it will be submitting a claim to the Tribunal for equitable compensation and damages of $3.1 billion.




 
 
  MEDIA UPDATE: Bharti Injunction hearing 28th February 2012, Lagos High Court Nigeria

"Bharti's application for injunction to restrain EWL and other Respondents from proceeding with the hearing on the assessment of damages in the pending arbitration, came up for hearing today before a Lagos High Court. Bharti's counsel however abandoned the said application for injunction and instead opted that the substantive application to set aside the partial award be heard. In view of this, the court ordered accelerated hearing of the application to set aside the award and adjourned same till the 25th of April 2012."




   


 
  Econet Wireless is seeking at least $3.1 billion in damages from Bharti Airtel in a dispute over ownership of its subsidiary Airtel Nigeria, according to a suit filed on Wednesday.

"The move follows a Nigerian court ruling on Jan. 30 that Bharti Airtel's ownership of its subsidiary Airtel Nigeria is "null and void" because co-founder and 5 percent shareholder Econet was not consulted on the transfer.

South Africa-based Econet Wireless is disputing the Indian company's ownership of one of its top Africa operations. Bharti said last month that its stake in its Nigerian unit was "completely safe" and that the world's fifth-biggest mobile phone carrier by subscribers had appealed against the verdict.

"The claim for damages and equitable compensation against the Applicant and some of the Respondents might be in excess of $3 Billion," the document filed to the court said. "The above estimated damages might also be in addition to a claim for $100 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."

Bharti Airtel inherited the legal case as part of a $9 billion acquisition of Zain's Africa operations in 2010, including 65 percent of Zain Nigeria. The basis of Econet's claim is that its 5 percent stake was unfairly cancelled when Zain took control, so any decision made since then without it, including the transfer to Bharti, is void. The Nigerian court upheld that claim.

Nigeria contributes about 9.5 percent to Bharti's consolidated operational profits, the company says.Econet disputed the buyout of Airtel's stake from Zain Nigeria in 2010 because its right of first refusal over the stake was denied, in a dispute that had been ongoing since 2003, when the same assets were first sold to Vee Networks." (Reuters 22 February 2012)




 
  MEDIA UPDATE: LATEST COURT DEVELOPMENTS - 22 FEBRUARY 2012

On 21st February, Econet Wireless filed its opposing papers to an injunction to stop the arbitration process,over the ownership of 65%, filed on 13th February 2012 by Bharti Airtel, in the Lagos High Court.

The matter has been set down for hearing on 28th February 2012. A copy of the papers, of both parties, can be obtained from the Lagos High Court or by clicking the link below:

Counter Affadavit - FBD comments - Click Here to download (PDF 309kb)

Address on Injunction - Click here to download (PDF 396kb)

Meanwhile, Econet Wireless would also like to advise that with respect to the other application for an injunction by Bharti, in the matter of the 5%, shareholding, which was awarded in favour of Econet Wireless, by the Federal High of Nigeria. The matter came up for hearing today, 22nd February 2012, in Kaduna Federal High Court. The judge postponed the matter to 13th March, on request of applicant, (Bharti Airtel).



    
 
Statement

 
International Tribunal awards damages to Econet in claim over 65% stake in Bharti Nigeria
 

 


Econet Wireless Limited (“EWL”) has been victorious for a second time in less than a month in long-running legal cases to establish its ownership rights to shares in the Bharti Airtel operator in Nigeria (“Bharti Nigeria”). 


In an up-beat start to the year, EWL has not only won its long-running battle in the Nigerian Federal High Court to confirm its 5% take in Bharti Nigeria, but has also been victorious in an International Arbitration examining the deal by which Celtel Nigeria, now owned by Bharti, seized control of 65% of the Nigerian operator in 2006. 


The International UNCITRAL Tribunal (comprising senior Nigerian and English lawyers) found multiple breaches of a shareholders’ agreement by both the selling shareholders and Celtel Nigeria, ordering them to pay damages/equitable compensation to Econet (in an amount to be determined in a further round of the arbitration). 


In a statement Econet said: “We are naturally pleased that we received very clear findings in our favour in both of these actions.  As SingTel (part-owner of Bharti Airtel) has been forced to acknowledge in its latest Q3 results, both outcomes are clearly “unfavourable rulings” from their perspective – but to Econet they represent a vindication of its long campaign for restoration of its rights in Nigeria, and for compensation for loss of a controlling stake which has since been sold to Bharti for a premium of several billion dollars.”

To view the SingTel Q3 results extract - Click here (97Kb PDF)


Statement




 

MEDIA UPDATE STATEMENT ON THE RELEASE OF THE WRITTEN TRANSCRIPT OF THE JUDGMENT IN FAVOUR OF ECONET ON THE OWNERSHIP OF THE 5% BHARTI AIRTEL NETWORKS NIGERIA

 

The Federal High Court of Nigeria, on 10th February 2012, released the written transcript of its judgment handed down on 24th January 2012. The transcript is a public document which can be obtained directly from the Federal High Court in Kaduna.

Econet lawyers have transcribed a summary of the key points in the judgment, and a summary is attached to this statement, for ease of reference. The full transcript, as well as this summary are available below:

Full transcript of judgment (1,7Mb PDF)

Summary extract from the judgment of Justice Shuaibu (600Kb PDF)

 

Developments since the ruling:

On 26th January 2012, Airtel Networks Limited (formerly Econet Wireless Nigeria Limited (“Bharti”), filed an Application for Stay of Execution of the said court judgment, made in favor of Econet. In its application, Bharti told the court that, if the judgment is implemented, it would have the following effect:

… that:

5.1       the Judgment, particularly the nullification of the decisions held at the meetings to which the Plaintiff #(Econet) was not invited will adversely affect the operations of the Applicant #(Bharti), and its corporate existence, and may impair its ability to effectively prosecute its appeal against the Judgment;

5.2       If the effect of the Judgment is not suspended pending the determination of the Applicant’s appeal, a number of key corporate actions taken by the Applicant will be unraveled and this will cause the Applicant incalculable financial loss.

A full copy of the above application can be obtained from the Federal High Court in Kaduna or by clicking the link below:

Application for stay of execution (6MbPDF)

Econet filed a Counter Affidavit on 8 February 2012, opposing Bharti’s Application for Stay of Execution. In its Counter Affidavit, Econet claims that the allegations by Bharti on the impact of the said judgment if executed, as referred to in paragraphs 5.1 and 5.2 of Bharti’s application, “are false”, and Econet has submitted a press statement issued by Bharti, on 27 January 2012, in which it stated, as follows:

We wish to assure our customers, employees and business partners that the ruling will in no way affect operations or the company’s ability to fulfill obligations to its stakeholders

A full copy of the Econet Counter Affidavit can be obtained from the Federal High Court in Kaduna or by clicking the link below:

Econet Counter Affadavit (17Mb PDF)

Notes:

Bharti Airtel acquired the African Assets of Zain of Kuwait at a reported US$10.7bn. The Nigerian business was valued in the transaction at US$4.5bn. This places the value of the Econet’s 5% shareholding at the time at US$225m.

 

# Have been inserted


Statement

9 Feb 2012

 

BHARTI AIRTEL APPLICATION FOR INJUNCTION AGAINST ECONET WIRELESS

 

On 24th January 2012, the Federal High Court of Nigeria ruled in favor of Econet Wireless Limited (“Econet”), an international telecommunications group, based in South Africa, in it's dispute with Airtel Networks Limited (“Bharti”), over the ownership of a 5% stake, in Bharti (formerly Econet Wireless Nigeria Limited).

The court ordered that Bharti restore the 5% stake, which was stripped from Econet in 2003, by the board of directors of Bharti. The court also ordered that all resolutions, and decisions taken by Bharti, since November 2003, to date, in which Econet, was excluded as a shareholder, are null and void.

Bharti bought 65% of the company in Nigeria, in 2009, as part of an acquisition of the African businesses of Zain of Kuwait. At the time of the sale Bharti valued, the Nigerian company, which it renamed Airtel Networks Limited, at over US$4,5bn. This would have valued the Econet 5% stake, at over US$220m, at the time.

A written copy of the court's judgment has not yet been released by the Federal High Court. Once this is available, Econet will publish it in full on its website (www Econetwireless.com).

On 26th January 2012, Bharti filed an Application for Stay of Execution in the Federal High Court, requesting the Court to grant it an injunction, and to stop Econet from exercising its rights under the court judgment, until an appeal has been heard, by the Court of Appeals of Nigeria.

The following is an extract from its application, for 'Stay of Execution', as it is called in Nigeria:

            “… that:

5.1       the Judgment, particularly the nullification of the decisions held at the meetings to which the Plaintiff #(Econet) was not invited will adversely affect the operations of the Applicant #(Bharti), and its corporate existence, and may impair its ability to effectively prosecute its appeal against the Judgment;

5.2       If the effect of the Judgment is not suspended pending the determination of the Applicant’s appeal, a number of key corporate actions taken by the Applicant will be unraveled and this will cause the Applicant incalculable financial loss.

A full copy of this application, which is a public court document, is hereby provided: click to download (6.4Mb)

On 8 February 2012 Econet's lawyers in Nigeria, filed an application opposing the Bharti application.
A full copy of this opposing motion, which is a public court document, is hereby provided: Click to download (17Mb)

The Federal High Court has now changed the date of the hearing, on Bharti's application from 16 to 22 February 2012, in Kaduna, Nigeria. It will be in open court, and members of the public and media, are free to attend.

 

# Have been inserted



 

 

 

Statement

 




 

 

Further to our statement issued on the morning of 30th January 2012, in which we announced that Econet Wireless was issued a judgment in its favour by the Federal High Court of Nigeria, Econet Wireless would like to offer the following update:


The judgment of the Federal High Court of Nigeria was issued on the morning of 24th January 2012. The Judge, Hon Schaib, read the ruling out in an open court, in the attendance of lawyers and representatives of the applicant and defendants. All were present as required by the law, having been duly notified in advance that the judge would be handing down judgement in the matter.

No written copy of the judgment was released by the judge, but he promised to have the full written copy, published within two weeks. It is our intention to publish the full copy of the judgement on our website and in the media in order that everyone can see the matters for determination and ascertain for themselves, the prospects of success of any appeal, as the case may be.


Meanwhile, following the judgement, lawyers for the defendant, now Bharti Airtel, immediately rushed to file a 'Notice of Appeal' as well as separately an 'Application for stay of execution, of Execution of The judgement' pending an appeal hearing and determination. This is their prerogative, which we respect.


In the 'Application for a stay', Bharti Airtel, through their lawyers have given a detailed outline of what they consider to be the potential impact of this ruling. This document is a public document and may be obtained from the Nigerian courts. However for ease of reference, Econet Wireless hereby publishes the full document from Bharti Airtel Nigeria, as it was served on our lawyers, on Friday evening, and brought to our attention yesterday. Your attention is drawn most specifically, to the grounds of Bharti's Appeal and what they perceive to be the impact of the judgment. Econet Wireless has also noted the statement, issued by Bharti to the media addressing the same issue.

 







Application for stay of judgement

For a copy of the application click here: Econet Wireless Bharti dispute PDF document

 

 
Statement



 

 

On the 24th January 2012, in the Federal High Court of Nigeria, the Honorable Justice Shuaib, handed down judgment in the matter between Econet Wireless Ltd (‘EWL’) vs. Bharti Airtel Nigeria Limited, suit No FHC/KD/39/2008 (Formerly FHC/L/172/2004)
The summary of the judgment is as follows:

  1. Econet Wireless Ltd, an international company, domiciled in the United Kingdom, is a shareholder of Bharti Airtel Nigeria Limited and holds 5% of the issued shares of the company. The court ordered Airtel to reinstate the shareholding of EWL.
  1. The court ordered that all actions, and resolutions taken by the company, since October 2003, at which EWL was entitled to be notified, and to participate in, as a shareholder, but was prohibited, are null and void. This includes decisions to sell shares, issue shares, and also transfer shares to third parties.
  1. The court also ordered that the name change from Econet Wireless Nigeria Limited, effected in 2003, was irregular, and must be reversed forthwith.
  1.     The Corporate Affairs Commission (CAC), has been ordered to cancel any certificate previously issued for the change of the name of the company and restore the name of the company to Econet Wireless Nigeria Limited.

As a result of the judgment by the Honorable Justice Shuaib, Econet Wireless Limited through its lawyers has now written to the company, with the following requests:

  • Immediately reissue shares in the company to Econet to reinstate its 5% interest.
  • Provide Econet full access to information relating particularly to board decisions and shareholder resolutions in accordance with the Companies Act, the shareholders agreement between the parties and in pursuance of the orders of the Federal High Court of Nigeria.

Econet Wireless intends to review the decisions taken by the board and other shareholders to ascertain which actions are in violation of the order of the High Court.

 

 

Commenting on the decision, Econet Wireless Group Chairman - Mr Strive Masiyiwa said:

“It is universally accepted throughout the world, that when shares in a company are allotted and share certificates issued, as confirmation of ownership, this is sacrosanct.

“In October 2003, Econet Wireless Ltd received a letter from the chairman of the company - Mr Oba Otudeko, in which he advised that at a board meeting directors had decided that Econet Wireless was no longer a shareholder, Econet’s share certificate had been cancelled, and Econet’s name removed from the shareholder register. The motive for this unprecedented action was the circumvention of Econet Wireless' rights as a shareholder in order to facilitate the sale of shares, first to Celtel International, and later to Bharti Airtel.

“As a result of these actions, Econet Wireless was left with no option but to seek redress through the courts. An application was filed in the Nigerian Federal High Court in October 2003, more than eight years ago. Since then, every legal avenue to delay the process was pursued by the defendants  through their lawyers, in order to  frustrate Econet Wireless.

“I am very disappointed that whilst it was clear to Celtel, Zain and Bharti-Airtel that Econet Wireless was a shareholder, they still chose to pursue a path, in which the end justified the means. It is clear even to those with the most basic understanding of company law that the board of a company has no power in any jurisdiction to simply cancel the shares of a shareholder but their desire to own the company was so great that they were prepared to overlook the facts and ignore our rights

“The substance of this ruling, which was known by Celtel and then Bharti, was a matter of record in the legal documents of the company. It is also common cause to even the casual reader that the order given has far-reaching consequences on the current ownership status of the company.

We have made it clear to the company, that as a shareholder, we would like to ensure that all actions that must be taken to comply with the court order are undertaken in such a way that there is minimal disruption to the ongoing operations of the company.

“The board of Econet Wireless and I remain willing to sit down with Bharti-Airtel, to review the best way forward for all parties. In the meantime, we have a fiduciary responsibility to take all of the necessary steps to vigorously protect the interests of our shareholders.”

 

Econet Wireless in the news, click to view



 
 
 

Econet Wireless in the news