Nigeria Rejects Bharti Plea For Compensation Order
South African telecommunications company Econet Wireless Ltd. said Friday a Nigerian court has rejected Bharti Airtel Ltd.'s Plea to overturn an international arbitration tribunal's Order related to a dispute over the Indian company's Nigerian unit.
Bharti Airtel had inherited the case when it acquired the African operations of Kuwait's Mobile Telecommunications Co. in 2010. It had asked the high court in Lagos to set aside the tribunal's Order allowing Econet to claim damages from the Indian telecom company.
Econet says it held a 5% stake in the Nigerian company, but Mobile Telecommunications "unfairly cancelled" the shares when the Kuwaiti firm took over the business in 2005.
!The Nigerian court's judgment said the international tribunal had been "correctly constituted, had jurisdiction and had acted correctly on all accounts," Econet said in a statement.
"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," it added.
Econet had sought damages in excess of $3 billion in its court submissions.
Bharti Airtel didn't respond to emails seeking comment. The company said in February that it wasn't aware of the $3 billion claim.
Nigeria accounts For about a third of Bharti Airtel's mobile-telephone subscribers in Africa.
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