Vodacom in R300m lawsuit
Johannesburg - Telecommunications group Vodacom Group [JSE:VOD] is being sued for over R300m by a company called Namemco Energy for allegedly failing to pay a commission related to consulting fees.
Namemco claims it was contracted to mediate negotiations between Vodacom and its partner in Vodacom Congo, Congolese Wireless Networks (CWN), in a deal whereby it would be compensated for a successful agreement between the two companies under mediation.
Court papers acquired by Fin24.com indicate demands by Namemco to be paid $40m plus interest and legal fees. A copy of the signed contract between Namemco and Vodacom is attached to the court papers.
The amount demanded is based on a 5% commission from the successful sale of shares in CWN to Vodacom. The contract is dated 2007. Vodacom has acknowledged receipt of the court papers, but declined further comment.
Oooooh! This is interesting. Hope it's not going to screw with the share price!!
will be interesting to see. but to be honest these deals happen daily so I was not surprised if one went wrong. it will probably be sorted out quickly and shouldnt of been in the media