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.
- Fin24.com