Company Data
| Last traded |
R103.50 |
| Change |
R-0.40 |
| % Change |
-0.38% |
| Cumulative volume |
970,284 |
| Market cap |
R154.00bn |
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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