Friday 27 November 2020

Etisalat unit ordered to pay $450m in damages

ABU DHABI, December 16, 2015

An African subsidiary of Etisalat has been ordered to pay 413 million euros ($450.9 million) in damages to a minority shareholder in Telecel Benin, the Abu Dhabi-listed telecom operator said on Wednesday.

Atlantique Telecom, which is also a shareholder in Telecel Benin, must pay the amount to SARCI, a statement to Abu Dhabi's bourse said, adding Atlantique would seek to have the award cancelled.

SARCI has sought damages relating to the period 2002-2007, taking its claim to arbitration, the statement said without elaborating.

A decision is pending to make the award enforceable, Etisalat said, adding two earlier arbitration proceedings on the same issue were cancelled at Atlantique's request in 2008 and 2013.

In January, Etisalat sold its operations in several African countries including Benin and which were mostly held via wholly-owned subsidiary Atlantique Telecom to another subsidiary Maroc Telecom.-Reuters

Tags: Etisalat | Africa | Benin | damages |

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