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Minister of ICT clarifies Telecel acquisition as Vimpelcom maintains ownership of stake in operator

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VimpelCom, the Netherlands-based telecoms giant that had a controlling stake in local mobile operator Telecel Zimbabwe has claimed that it still owns its 60% share in the mobile operator since the conditions of the sale are yet to be met.

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In an article published by a UK-based publication, Capacity Media,  Vimpelcom’s Chief Communications Officer, Rozzyn Boy, was quoted as having said that Vimpelcom still maintained its ownership of the 60% stake which was yet to pass into Zimbabwe’s hands.

As of today, VimpelCom and GTH (Gobal Telecom Holding) remain a 60% shareholder in Telecel and we look forward to completing the sale only after satisfaction of all customary closing conditions are met.

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This statement is contrary to the official statement made by the Government that it had completed the acquisition of the controlling stake in Telecel for $40 million.

In a recent address to a Parliamentary Committee, the Minister of ICT, Supa Mandiwanzira, confirmed the purchase and explained how it had been facilitated through Zarnet, a State-owned internet provider.

He also pointed out that while the transaction had been concluded, there were still some aspects of the deal that needed to be ironed out, including the transfer of money to Vimpelcom, a condition which was being affected by liquidity issues in the country.

You can listen to the Minister’s address regarding the government’s acquisition of Telecel that was made to the Parliamentary Committee by following the link below.

According to the Minister, the statement that has been made by Vimpelcom ties in with the information that has been shared since the government did finalise the deal but is still working on transferring the funds for the deal from a local account to Vimpelcom.

In a comment regarding the issue, Minister Mandiwanzira said,

What they are saying and what I have said are the same things. The media is getting the story twisted. Zarnet has paid all the money and some of it is sitting in Barclays Bank in the account of Vimpelcom’s lawyers. We are now helping them move this money out of the country.

 


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12 thoughts on “Minister of ICT clarifies Telecel acquisition as Vimpelcom maintains ownership of stake in operator

  1. and why on earth would a whole government take so many months to willingly move, the funds that is already in its coffers, out of its borders??

  2. Follow the money trail and truth shall be revealed….

    Very soon someone related to the minister of something is going to be contracted to consult on how best to pay the money. Lawyers who knows someone who knows someone in the government are going to be hired to take a final look at the legality of moving money out of the country.

    By the time the whole process is ready, they will only be maybe $10million left due to costs and NSSA will be arm twisted to pay the difference.

  3. He also pointed out that while the transaction had been concluded, there were still some aspects of the deal that needed to be ironed out, including the transfer of money to Vimpelcom. Nuff said!

  4. KKKKKK the money was paid but not vimpelcom now there is a problem redirecting the money to vimpelcom
    SHAME!!!!!

  5. what i dont understand is why government would buy telecel when they failures of the same kind.they playing with taxpayers money.Netone telone powertel all aint doing so well why another in the bag,parliament actually apprroved this aaa

    1. Gvt is people(hurumende vanhu), are we buying Telecel or few individuals with access to our money are buying? Have we ever been consulted about this deal.

      Im seeing a replay of zbc here.

    2. Not just taxpayers, but people’s pension funds! The honourable minister strong-armed NSSA into financing this deal when NSSAleadership had explicitly stated that they were not interested in the deal as it is an unnecessary risk to the real owners of the capital

      1. The whole idea is to buy it not using there money, run it down, then maybe fack an integration with infrastructure, asset strip before leaving gvt.

        Then out of blue you will hear someone launching a telco with infrastucture already in place within a short time.

  6. This Minister is insane….they have failed to run NetOne, what makes them think they will do much better with Telecel?

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