By Mohamed Alaa Eldin
Telecom Egypt (TE) is submitting the arbitration proceedings between TE and Vodafone to the Court of Appeals to request that the verdict in favour of Vodafone be annulled, according to a TE official.
The official added that the company is working to maintain public funds, and will pursue all legal avenues available to protect public funds and seize any available opportunity to maximise shareholder wealth.
TE lost an arbitration case against Vodafone worth EGP 11bn a few days ago on interdependence prices, though the ruling did not require TE to provide any financial compensation to Vodafone. TE owns 45% of Vodafone Egypt’s shares.
On the other hand, last Sunday TE won a case worth EGP 48m against the Arab Company for Telecommunication Services at the Cairo Regional Centre for International Commercial Arbitration on the bonding agreement between TE and the Arab Company for Telecommunication Services. The case was raised by TE to demand financial compensation for the company violating the terms of their agreement with TE.
TE won a similar case against National Telecom Cards Company worth more than EGP 50m, and in 2012 succeeded in obtaining a ruling against the company worth EGP 8m, amid TE’s efforts to obtain its rights from other companies.