South African-based telecoms group Econet is continuing to dispute the 2006 purchase of a 65% stake in Vee Networks by Celtel International, which has since been wholly acquired by Zain Group, Reuters reports.
Econet was a founding shareholder in Vee Networks, which has since been renamed under the Zain Nigeria banner. The South African group claims that its right of first refusal over the stake was breached in May 2006, when its Nigerian partners sold their shares to Zain, and has said it is sticking to the pursuit of arbitration proceedings.
Econet said it has appealed to legal authorities, including an international tribunal working under the United Nations, for the transaction to be unwound. It has applied for interim measures to prevent Zain from selling, transferring, disposing of, dealing with or otherwise encumbering the disputed stake until the matter is resolved.