#MondayBlues: Dutch Coming Back For The Telecel Zim Stake

Vimplecom is mulling the return of its top key engineers from Netherlands to watch over their Telecel Zimbabwe stake, as the payment made by government remains stuck in Nostro Accounts, #MondayBlues has learnt.

A high rank delegation from Netherlands will soon be landing in Zimbabwe, just in case the Telecel  deal continues to stagger, Vimplecom will not play it risky but have moved a step forward to watch over their interests while the governments negotiate over the movement of the remaining balance.

The ministry of ICT had paid $10 million towards the purchase of a controlling 60% stake in Telecel Zimbabwe and the remainder $30 million which it advanced through their local Barclays account is still stuck in Zimbabwe, causing serious anxiety to Vimplecom.

The move is reportedly reached to make sure that just in case all does not go as as expected, Vimplecom can still retain its stake, and own back Telecel Zimbabwe , while both governments are said to be already in talks over the deal.

Another source close to the matter, said such grey areas were not captured in the contract but already they are some sticking points in the contract which may have been violated by the new stars quo.

 

Issues of major decision and policy remain in limbo, as no-one really has exclusive power to drive or formulate policy for the once fastest growing mobile network in Zimbabwe. Huawei and ZTE are also said to be loggerheads, eyeing strategic contacts over the entity, while deliberately sabotaging each other.

 

The move keeps Telecel Zimbabwe on an auto -pilot, a precarious condition for the highly dynamic technological sector.

government takes over telecel

To date Vimplecom has not announced the deal with government on their official website, but rather maintains an ambiguous statement that that the Zimbabwean government wants to buy.

 

Amsterdam (November 18, 2015) – VimpelCom Ltd. (“VimpelCom”, “Company” or “Group”) (NASDAQ: VIP), a leading international provider of telecommunications services headquartered in Amsterdam, today announced that its 51.9% owned subsidiary, Global Telecom Holding S.A.E. (“GTH”), has entered into an agreement with ZARNet (Private) Limited to sell its stake in Telecel International Limited for $40 million.

The ambiguous statement continues which openly shows that all is not well when Vimplecom announced that

 Telecel International owns 60% of Telecel Zimbabwe (Pvt) Ltd. Transfer of ownership to ZARNet will occur after customary conditions are satisfied.

Few months back, the Minister of ICTPS Hon Supa Mandiwanzira said

The former shareholder’s escrow account  is domiciled overseas. The other part of the money has been paid locally to Vimplecom’s designated local bank accounts in Zimbabwe.

What is now needed is the finalization of the remittances. However some of the funds are still in Zimbabwe because of issues relating to liquidity for funding Nostro accounts.

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