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Econet arbitration over: decision pending

By Rodney Weidemann, ITWeb Contributor
Johannesburg, 08 Feb 2005

Econet Wireless International is confident that its long-running shareholders dispute with VMobile (formerly Econet Wireless Nigeria) will be resolved within the next three months.

EWI`s CEO, Strive Masiyiwa, who recently led a high-powered delegation to the international arbitration process, says in a statement that the arbitration ended on 3 February and a ruling is expected from the arbitrators within the next two to three months.

The two organisations have been involved in a dispute that has been on the go for the past 18 months, following VMobile`s decision to sell a 51% controlling interest in the Nigerian business to Vodacom SA, despite claims by EWI that it had preferential rights to those shares.

Masiyiwa has also said that the arbitrators` decision will be final and binding, and that EWI chose to go to the UN Permanent Court of Arbitration, since - because Nigeria is a signatory to the UN charter - the government will quickly enforce any ruling made by the international body.

He declined to give details of the hearing, but said that lawyers from both EWI and VMobile still had to submit written submissions before the arbitrators could give their final ruling.

"We have nonetheless made substantial progress in terms of the whole process," says Masiyiwa, after leading EWI`s submission to the three-member arbitration panel, which also considered oral evidence from both sides.

Related stories:
Econet dispute to be resolved soon
Nigerian court rules against VMobile
Econet injunction postponed again
Confusion as VMobile claims victory

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