Global Telecom Unit asked to close down in Zimbabwe
Published By : 12 Mar 2015 | Published By : QYRESEARCH
The local unit of Global Telecom is going to face a shut down as a result of the third-largest mobile company operate din Zimbabwe without a valid license. Information and Communication Technology Minister of Zimbabwe, Supa Mandiwanzira stated that the company had agreed to pay their entire license fee installments however, failed to honor their responsibility.
He further mentioned over a telephonic communication that the company even failed to fulfill with the local ownership laws of Zimbabwe. Telecel Ltd. was not successful in adjusting the share holding of the company with respect to the laws of ownership of companies provided by the black Zimbabweans.
As per statistics of the International Monetary Fund, Zimbabwe’s economy has been experiencing a slowdown of about 3 percent in the year which was about 4.2 percent in 2014. The nation is facing such a situation as a result of increased demand for local ownership that has been postponing many foreign investments.
Supa Mandiwanzira informed that Telecel Ltd. failed to pay an amount of US$14 million installment as a license fee in the year 2013. As per the Zimbabwean laws, every mobile operating company has to pay US$137.5 million to acquire a license over a period of 20 years.
Global Telecom, which is a Cairo-based organization of wireless carrier VimpelCom Ltd., has also set its unit in Bangladesh, Algeria and Pakistan.
Angeline Vere, the General Manager of Telecel Ltd. of Zimbabwe informed that he has no words to say on the situation. Moreover, the investor relation team of global Telecom was contacted many a times through phone and e-mail experiencing no response from their side.