[kictanet] [Skunkworks] It's a new twist for Econet Wireless

[Alex Gakuru]

My one cent..

> "In April last year, our officers investigating the
> case were told to stop with immediate effect." says
a > senior Kacc official.
 
Parliament should hasten the Freedom of Information
Bill into law before December elections then we could
use it to inspect transactional details to exclude
ictbergs/ictleasings away from corporate PR/ and
government Official Secrets Act that facilitate
corruption and re-"morgue"aging Kenyans.

Alex

--- Mike Theuri <mike.theuri at gmail.com> wrote:

> Joram,
> 
> Your intuition is right, there are heavily vested
> interests, though I
> believe not in the sense that Econet is coming in
> late but in the sense that
> Econet is coming in now. It is apparent that there
> may be multiple vested
> and opposing interests gunning for control of the
> licence, whether true or
> not, it can be concluded that where there is smoke
> the likelihood of finding
> a fire is high:
> 
> ===
> SPECIAL REPORT | Page 9
> SUNDAY STANDARD MARCH 19 2006
> No end in sight to Econet intrigues
> 
> "In April last year, our officers investigating the
> case were told to stop
> with
> immediate effect." says a senior Kacc official.
> 
> Kacc spokesman Nicholas Simani however declined to
> comment on the matter."
> ====
> 
> There is a plethora of hundreds perhaps thousands of
> pages of documents
> (some attached) on these matters available from
> courts in Nairobi, London,
> Lagos, Papua New Guinea, Botswana and Johannesburg
> including affidavits by
> the foreign entity's executives that tell a
> shockingly different story from
> the often one sided pompous story told in the media.
> 
> KNFC has a valid case, Econet too had to raise money
> (there is evidence
> supporting how this was done and why Econet took
> their former top level
> executive (also after he refused to co-operate in
> disenfranchising KNFC) to
> court in Johannesburg in a bid to gag him from
> spilling the beans, beans
> which a VP of the telecom vendor at the center of
> the unorthodox
> financing arrangement feared would rile
> Vodafone/Safaricom, Celtel, MTN
> etc). Why would anyone touch KNFC with a long pole
> when there are vested
> interests intent on derailing KNFC at every turn and
> corner while a PR
> machine touts the other party as the credible and
> righteous party with
> stories of "success and triumph" in other countries
> citing billions of
> profits in Zimbabwean dollars Z$ ambigiously as
> touted as $ "US dollars" yet
> it is no secret that Zimbabwe is a nation of poor
> millionaires where the
> average price of a home starts in the billions
>
http://www.fingaz.co.zw/fingaz/2005/February/February24/7816.shtml
> If you
> were a financier who would you work with? The
> hapless KNFC you read about in
> the press or the over "glorified" entity (minus its
> unknown mishaps) that
> you read about in the press?
> 
> Even then according to the attached advertisement
> that was published in the
> Nation on April 12 2004 by KNFC's lead financier,
> the regulator is said to
> have refused to accept the replacement bid bond from
> KNFC and further to
> that KNFC's financier confirms in the ad as having
> raised the requisite
> licence fee but the regulator was not willing to
> issue the licence to them.
> The Econet PR machine that has its team of dedicated
> journalists in various
> newsrooms went to work to tout KNFC as having no
> funds or in the alternate
> of having failed to raise funds for the licence.
> Those in doubt do not need
> to look very far, the Co-operative bank is one such
> example of success from
> the co-operative sector. As always the PR machinery
> works overtime to paint
> KNFC as the impoverished villians and Econet as the
> righteous party with
> money overflowing from its pockets.
> 
> Unfortunately the truth should be told, contrary to
> what the Kenyan media
> reports, Econet has not won any of its huge and
> highly publicized endlessly
> filed legal battles. Where it was not likely to win
> it settled. Econet
> Wireless Nigeria is no more, it is now Celtel and
> NOT because Econet sold it
> to Celtel but because the Nigerian shareholders
> choose to do so. Econet
> simply got a taste of its own medicine when it was
> bundled out of Econet
> Wireless Nigeria and when it seemed Econet could
> retain its 5% shareholding
> + more, it was unable to match Celtel's superior
> offer for the shares at
> stake. As Business Day in South Africa and other
> Nigerian media reported on
> and around 30 June 2006  regarding the saga
> (contrary to Kenyan media
> reports indicating the opposite). Thus there is no
> West African battle that
> Econet has won except through its disinformation
> campaign:
> 
> ----------------
>       
> http://mybroadband.co.za/nephp/?m=show&id=3368
> 
>        ECONET's battle for control of Nigeria's
> cellular network, V Mobile,
> has been
>        massively undermined by a court verdict
> damning Econet for misleading
> a judge
>        and failing to admit it was $90m short of the
> cash needed to buy the
> business.
> 
>        The Nigerian court will be presented with the
> UK verdict showing that
> Econet had
>        withheld evidence and failed to raise the
> cash.
> 
>        Econet CEO Strive Masiyiwa claimed to have
> raised $1,5bn to buy
> V-Mobile
>        entirely, but accused the Nigerians of
> refusing to hand over the
> documents to
>        conclude the deal. The court found that was
> not true.
> 
>        When Econet sought an order to block
> V-Mobile's sale to Celtel, it
> told the
>        court it had more than enough funds to make
> the payment. "That was
> not the true
>        position," Judge Morison said in his ruling.
> "There was serious
> nondisclosure or
>        misrepresentation of the true position as to
> Econet's access to
> funds."
> 
>        The court was "seriously misled by evidence
> as to Econet's access to
> funds,"
>        Morison said. He ended the injunction so
> Celtel could buy V Mobile as
> Econet
>        lacked cash.
> 
>        Celtel CEO Marten Pieters said the ruling
> confirmed Celtel's purchase
> of V-
>        Mobile was a professional and transparent
> process.
> ------------------
>       
>
http://www.pacificmagazine.net/issue/2005/02/01/business-briefs
>        The Papua New Guinea government has
> terminated the proposed sale of
> 51 percent
>        of Telikom (PNG) Ltd to African
> telecommunications giant Econet
> Wireless Group.
>        Bowing to criticism in Parliament and public
> outcry, Prime Minister
> Sir Michael
>        Somare announced the PNG Cabinet's decision
> and said the sale process
> would be
>        looked at again this year. "Given the debate
> from various sectors of
> the
>        community and the parliamentary resolution
> not to proceed with the
> sale under
>        its current structure, the Cabinet has
> decided the most logical step
> is to
>        cancel current attempts to sell this
> important State asset," Sir
> 
=== message truncated ===>
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