Telecel Acquisition Above Board – VimpelCom

VimpelCom says the disposal of its 60 percent shareholding in Telecel Zimbabwe was above board, reports the Daily News. This was after Empowerment Corporation (EC), which owns 40 percent in the local mobile operator, recently threatened to sue VimpelCom for breach of pre-emptive rights.

Through their lawyers Titan Law Chambers, the consortium said VimpelCom’s sale of Telecel to the government — via Zarnet and the National Social Security Authority (Nssa) — was “null and void”, as it breached their existing shareholder’s agreement. However, the operator denied any wrongdoing and insisted the Telecel deal was transparent. VimpelCom’s spokesperson Rozzyn Boys said the ICT ministry and Zarnet are working closely to conclude the sale of VimpelCom’s stake in Telecel with all due expediency.

Boys said VimpelCom has acted in full transparency at all times with its partners, who have been fully aware of VimpelCom’s intention to sell to Zarnet for many months, and any contentions otherwise are without merit. The latest development somehow dampens EC’s contention or claims that it had “only learnt of the deal” through the media.