{"id":8223,"date":"2012-02-23T02:31:28","date_gmt":"2012-02-23T00:31:28","guid":{"rendered":"http:\/\/www.myza.co.za\/02\/update-2-econet-seeks-3-1-bln-damages-from-bharti-airtel\/"},"modified":"2012-02-23T02:31:28","modified_gmt":"2012-02-23T00:31:28","slug":"update-2-econet-seeks-3-1-bln-damages-from-bharti-airtel","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/update-2-econet-seeks-3-1-bln-damages-from-bharti-airtel\/","title":{"rendered":"UPDATE 2-Econet seeks $3.1 bln damages from Bharti Airtel"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p>* Follows court ruling Bharti ownership of Nigeria unit was<br \/>\nvoid<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>* Econet claim based on its 5 pct stake in the unit<\/p>\n<p><span><\/span><\/p>\n<p>* Bharti says not been advised of any damages suit<\/p>\n<p> (Adds Bharti Airtel response)<\/p>\n<p><span><\/span><\/p>\n<p>By Tim Cocks<\/p>\n<p><span><\/span><\/p>\n<p>LAGOS, Feb 22 (Reuters) &#8211; South Africa-based Econet<br \/>\nWireless is seeking at least $3.1 billion in damages from Bharti<br \/>\nAirtel in a dispute over ownership of Airtel Nigeria,<br \/>\naccording to a suit Econet said it had filed on Wednesday.<\/p>\n<p><span><\/span><\/p>\n<p>Bharti acquired the African operations of Kuwaiti company<br \/>\nZain in 2010, including 65 percent of Zain Nigeria,<br \/>\nrenamed Airtel Nigeria, but a Nigerian court ruled on Jan. 30<br \/>\nthat its ownership of the unit was &#8220;null and void&#8221; because<br \/>\nco-founder and 5 percent shareholder Econet had not been<br \/>\nconsulted on the transfer.<\/p>\n<p><span><\/span><\/p>\n<p>Econet claims its stake was unfairly cancelled when Zain<br \/>\ntook control in 2005, so any decision made since then without<br \/>\nit, including the transfer to Bharti from Zain, is void. The<br \/>\nNigerian court upheld that claim.<\/p>\n<p><span><\/span><\/p>\n<p>Bharti, the world&#8217;s fifth-biggest mobile phone carrier by<br \/>\nsubscribers, said on Feb. 8 that its stake in the Nigerian unit<br \/>\nwas &#8220;completely safe&#8221; and it had appealed against the verdict.<\/p>\n<p><span><\/span><\/p>\n<p>A Bharti spokesman said the company had not been informed of<br \/>\nany lawsuit.<br \/>\n\u00a0 <span class=\"label\"><strong>Continued&#8230;<\/strong><\/span><\/p>\n<p><span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>* Follows court ruling Bharti ownership of Nigeria unit was void * Econet claim based on its 5 pct stake in the unit * Bharti says not been advised of any damages suit (Adds Bharti Airtel response) By Tim Cocks LAGOS, Feb 22 (Reuters) &#8211; South Africa-based Econet Wireless is seeking at least $3.1 billion [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-8223","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/8223","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=8223"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/8223\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=8223"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=8223"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=8223"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}