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DR Congo: Alieu Conteh, holder of 49% of Vodacom demands $14 billion from the firm

Wednesday, 25 November 2015 09:11

(Ecofin Agency) - Congolese businessman Alieu Conteh who holds 49% of Vodacom shares in DR Congo appealed to the Kinshasa trade court filing a complaint against the telecom firm and its international arm. He claims they plotted to remove him from his position as statutory president of Congolese Wireless Networks (CWN), who holds the minority stakes of Vodacom Congo. Alieu Conteh is claiming a compensation of 197 billion rand ($14 billion).

In a release, Vodacom denied all the accusations of Alieu Conteh in relation to him being removed from his position in CWN.

Tshepo Ramodibe, spokesperson of Vodacom stated that the firm opposed the lawsuit saying: “the $14 billion demanded are non-founded and without merit. The suit will be handled.

In order to avoid ending up in the same situation as MTN in Nigeria who had recently been fined 5.2 billion USD, Vodacom publicly revealed in the documentation of Johannesburg Stock Exchange that it was facing a lawsuit in DRC.





 
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ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

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