UAE-based Etisalat has won an arbitration dispute related to Telecel Faso, its subsidiary in Burkina Faso, Reuters reports.
Its African unit Atlantique Telecom reportedly lost control of Telecel Faso in 2008 after losing a legal battle against minority…
UAE-based Etisalat has won an arbitration dispute related to Telecel Faso, its subsidiary in Burkina Faso, Reuters reports.
Its African unit Atlantique Telecom reportedly lost control of Telecel Faso in 2008 after losing a legal battle against minority shareholder Planor Afrique. However, a tribunal of the International Chamber of Commerce (ICC) based in Paris ruled that a Memorandum of Agreement stipulating that Atlantique Telecom would own 68% of Telecel Faso and Planor Afrique the remaining 32% stake was valid, binding and enforceable.
Planor has been ordered to close the transaction within 60 days or face a E10,000 per day penalty.
