Econet Wireless has announced in a press release on its website that the High Court in Lagos has dismissed an application by Bharti Airtel which sought to set aside an award made by an international commercial arbitration tribunal in favour of Econet Wireless. The judgement paves the way for the matter to be referred back to the international tribunal to set the amount of damages and compensation that Bharti must pay to Econet Wireless. The Indian telecoms operator inherited the ongoing legal case as part of its USD9 billion acquisition of Zain’s Africa operations in June 2010, including 65% of Zain Nigeria (since rebranded Airtel Nigeria)
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OVETEL Court rejects Bharti Airtel plea to set aside Econet compensation award
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