Econet Wireless claims Nigeria HC has dismissed Airtel plea

New Delhi: Telecom major Econet Wireless on Thursday claimed that High Court in Lagos, Nigeria has dismissed an application by Bharti Airtel against an award given by an international commercial arbitration tribunal in its favour.

"The High Court in Lagos, Nigeria, today dismissed an application by Bharti Airtel to set aside an award made by an international commercial arbitration tribunal in favour of Econet Wireless.

"The judgement paves the way for the matter to be referred back to the international tribunal to set the quantum of damages and compensation that Bharti must pay to Econet Wireless. In Court papers, Econet said that it is submitting a claim valued in excess of USD 3 billion," a press statement issued by Econet said.

When contacted, a Bharti Airtel spokesperson did not offer any immediate comment.

Econet had approached the court against 2006 deal in which Celtel International bought 65 per cent stake in Nigerian mobile operator Vmobile, which is now owned by Bharti Airtel.

Vmobile was later acquired by Kuwait's biggest mobile-phone operator Zain which was in turn acquired by Bharti Airtel in 2010. Econet owned 5 per cent of Vmobile and claimed a right of first refusal on Vmobile's shares.

Econet Wireless is a diversified telecommunications group with operations and investments in Africa, Europe, South America and East Asia Pacific region, as per the information available on its website.

PTI