Fin24

Vodacom in R300m lawsuit

2010-08-06 16:41

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

Comments
  • SteveD - 2010-08-06 17:09

    Oooooh! This is interesting. Hope it's not going to screw with the share price!!

  • ninjadevil - 2010-08-06 21:47

    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

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