By
Telecom Lead Team: Airtel Nigeria has decided to
appeal against the judgment by the Federal High Court of Nigeria
regarding Econet Wireless Limited’s (EWL) claim to the ownership of 5 percent
equity in Airtel Networks,
Responding to the court
order, Bharti Airtel said: In the light of the judgment by the Federal High
Court of Nigeria regarding Econet Wireless Limited’s (EWL) claim to the
ownership of 5 percent equity in Airtel Networks, an appeal against the said
judgment has been filed by Airtel Nigeria.”
The company abides by and has full confidence in the law of the land, and
believes the Appeal Court will determine the appeal on its merits.
In addition, the judgment will have no impact on the equity holding of other
shareholders in Airtel Nigeria.
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,” Airtel said in a statement.
Court asks Airtel Nigeria to reinstate shareholding of Econet
Wireless
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 percent
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.
“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,” said Strive Masiyiwa, chairman of Econet Wireless.
