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Vodacom in R300m lawsuit

Aug 06 2010 16:41 Simon Dingle

Company Data

VODACOM GROUP LIMITED [JSE:VOD]

Last traded 129.47
Change -2.69
% Change -0.02
Cumulative volume 2544138
Market cap 192.65bn

Last Updated: 16/04/2014 at 04:29. Prices are delayed by 15 minutes. Source: McGregor BFA

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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
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