Econet Seeks $3.1 Billion in Damages from Bharti Airtel
Last month, a court ordered Airtel Nigeria to change their name back to Econet Wireless and give them back the 5 percent stake they had before Zain took over in 2005. This time, Econet is ready to battle it out with Bharti Airtel in a suit if filed, seeking $3.1 billion in damages from them according to Reuters. Econet says its 5 percent stake was cancelled after Zain took over, so anything decided since then without them, including the $10 billion transfer from Zain to Airtel... Read More
Airtel Ordered To Revert Name and 5% Shares To Econet
Looking at the name change timeline of the company now known as Airtel, it’s about time for a change of name. Just in time, a Federal High Court has ordered Airtel Nigeria to revert to its former name, Econet Wireless Limited. The court also ordered Bharti Airtel to reinstate Econet’s 5% stake in Airtel Nigeria. In 2010, Zain sold its stake in its Nigerian business to Bharti Airtel for $10.7 billion despite Econet Wireless’ refusal as a major shareholder in the... Read More
