TE goes to court to annul ruling in favour of Vodafone Egypt

Telecom Egypt (TE) says it is going to the Court of Appeals to request that an arbitration verdict in favour of Vodafone should be annulled. A TE official said the company will pursue every possible legal avenue to protect public funds and seize any available opportunity maximise shareholder value, The Daily News reported.

TE lost an arbitration case against Vodafone worth EGP 11 billion a few days ago concerning interdependence prices, though the ruling did not require TE to provide any financial compensation to Vodafone. TE owns 45 percent of Vodafone Egypt's shares.

On 18 January, TE won a case worth EGP 48 million against the Arab Company for Telecommunication Services at the Cairo Regional Centre for International Commercial Arbitration on their bonding agreement. The case was raised by TE to demand financial compensation from the company for violating the terms of their agreement.

TE won a similar case against National Telecom Cards Company worth more than EGP 50 million, and in 2012, succeeded in obtaining a ruling against the company worth EGP 8 million, amid TE's efforts to secure its dues from other companies.