Telkom settles Nigerian dispute
The companies said yesterday that under the settlement all parties had withdrawn all allegations of wrongdoing and would pay their own costs.
In 2011, Blue Label subsidiary Africa Prepaid Services Nigeria (APSN) instituted an arbitration process claiming $457m from Multi-Links, then owned by Telkom, claiming Multi-Links had repudiated an agreement. Multi-Links had appointed the Blue Label subsidiary to market its products and services in Nigeria, and procure customers, for 10 years.
Multi-Links counterclaimed against APSN for payment of $123m.
Telkom and MultiLinks obtained a stay of the arbitration proceedings and instituted an action against Blue Label, Africa Prepaid Services and individuals including businessman Mthunzi Mdwaba and former Telkom executive Thami Msimango.
Telkom's claim was based on damages it said it suffered from the superdealer agreement between APSN and Multi-Links.
Telkom managing executive for group communication Jacqui O'Sullivan said it believed the settlement to be a "prudent business decision".
Source: Business Day, via I-Net Bridge
Source: I-Net Bridge
For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.
We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field.
Go to: http://www.inet.co.za
