MTN Cameroon CEO clears air on to legal tussle
MTN Cameroon says it will use all possible legal means to dispute the freezing of its accounts since September 2022 and the recent ruling of the Douala-Bonanjo Court of First Instance ordering the transfer of 259 billion CFA francs belonging to the telecoms company to BESTINVER and associated through the registrar-in-chief of the court, in a case MTN Cameroon says, is not tied to its operation in the country. Joining CNBC Africa to shed more light on the developing issue is Mitwa Ng'ámbi, the CEO of MTN Cameroon.
Thu, 15 Jun 2023 12:18:47 GMT
Disclaimer: The following content is generated automatically by a GPT AI and may not be accurate. To verify the details, please watch the video
AI Generated Summary
- MTN Cameroon faces a legal dispute over frozen accounts and a court ruling transferring funds to BESTINVER and associated parties.
- The case is not linked to MTN's operations in Cameroon but stems from a commercial dispute in South Africa.
- Despite legal efforts, the company's funds remain inaccessible, impacting critical business functions and necessitating a clear resolution strategy.
MTN Cameroon is embroiled in a legal battle over the freezing of its accounts since September 2022 and a recent court ruling ordering the transfer of 259 billion CFA francs to BESTINVER and associated parties. Mitwa Ng'ámbi, the CEO of MTN Cameroon, shed light on the situation in an exclusive interview with CNBC Africa. The telecom company, which has operated in Cameroon for 23 years without incident, expressed shock at the court order that halted its operations funds. The case, initiated by BESTINVER, is a commercial dispute originating in South Africa, not related to MTN's operations in Cameroon. Despite the lack of business ties, MTN Cameroon's funds were frozen at the request of BESTINVER due to their South African parentage. Various legal avenues have been pursued to resolve the issue but to no avail. The company remains determined to clear its name and regain access to its frozen funds. The impact on MTN Cameroon's operations has been significant, with over 22 million dollars held in limbo, affecting vital business activities such as supplier payments and network investments. Mitwa Ng'ámbi emphasized the misinformation surrounding the case and the need for clarity on the actual figures involved. The company continues to navigate legal channels to resolve the dispute both locally and potentially internationally, showcasing its commitment to protecting its interests and reputation.
Get this delivered to your inbox, and more info about about our products and services. By signing up for newsletters, you are agreeing to our Terms of Use and Privacy Policy.
