Atlantique Telecom ordered to pay fine

African unit ordered to pay $450m in damages, says Etisalat
Atlantique Telecom ordered to pay fine

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An African subsidiary of Etisalat has been ordered to pay EURO 413 million ($450.9 million) in damages to a minority shareholder in Telecel Benin, the UAE telecom operator said on Wednesday, Reuters reported
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Atlantique Telecom, which is also a shareholder in Telecel Benin, must pay the amount to SARCI, according to a statement posted on Abu Dhabi's stock exchange website. It added that Atlantique would seek to have the award cancelled.

SARCI has sought damages relating to the period 2002-2007, taking its claim to arbitration, the statement said without elaborating.
 

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