Econet Remains Confident Of Recovering Controlling Stake In Celtel Nigeria
2007-03-07 23:33:33 | Viewed 568 times
Econet Wireless Group says it remains strongly confident that the courts in Nigeria will reverse the sale of a 65% controlling stake in Nigerian cell phone operator V-Mobile, which Celtel recently renamed Celtel Nigeria.
In a statement, Econet Group Chief Executive Strive Masiyiwa said that his company, which owns 5% of the Nigerian operator that Econet established and launched in August 2001, was satisfied with progress in the judicial review of the sale currently taking place in the Nigerian courts.
Two separate hearings are currently taking place in the Nigerian Federal and State courts, both of which will have the result of setting aside the sale of shares to Celtel if the court rules in favour of Econet, which claims that it was deliberately frustrated by its former Nigerian partners and Celtel to exercise its pre-emptive rights.
Commenting on the legal proceedings underway, Masiyiwa said this was a straight forward case concerning breach of Econet's right of pre-emption to buy V- Mobile.
"As far as we are concerned this is a straight forward legal case. If an irregularity occurred it will not be affected by what Celtel has subsequently done, or which politicians their executives have visited, or even what benefits there may or may not be arising from their investment. If there were irregularities then the sale must be reversed. It’s as simple as that," he said.
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