Dar es Salaam, Tuesday March 21, 2017. In the matter of Moto Matiko Mabanga vs Vodacom Group Limited Vodacom Tanzania PLC ("VCT"); Vodacom International Limited ("VIL")
VCT hereby notifies its customers, the public and other stakeholders that its Initial Public Offering (IPO) is still underway. The IPO has a closing date of April 19, 2017. The management of Vodacom Tanzania PLC will continue to work with all stakeholders in order to ensure the transaction is completed successfully.
According to Vodacom Tanzania PLC, Managing Director Ian Ferrao,Mr. Mabanga's claim is principally against VIL and not VCT.
The case was originally initiated in the Johannesburg High Court and eventually settled amicably following a ruling of the Kinshasa/Gombe Commercial Court, Democratic Republic of the Congo ("DRC").
Following this settlement, Mr. Moto Mabanga's purported repudiation of the settlement agreement was dismissed by the arbitral tribunal of the International Chamber of Commerce ("ICC") which not only found that the settlement agreement was valid, but also directed Mr. Mabanga to pay damages which, over time, have accumulated to an amount in excess USD 7 million. Namemco is challenging the ICC ruling in the Court of Appeals in Paris, France.
We believe that the Tanzania high court will act swiftly to resolve this matter which is related to an ongoing case between VIL and Mr Mabanga,Said Managing Director of Vodacom Tanzania Ian Ferrao.