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Econet drags Zain to court over ownership of Zain Nigeria

Zain Chief Executive Officer Saad al- Barrak says he is not bothered about a lawsuit filed by South Africa’s Econet Wireless Holdings Ltd. against Zain’s Celtel Nigeria BV

“The lawsuit is old and dates back to before 2006,” al- Barrak said, according to the newspaper.

Econet has lost similar lawsuits filed against Zain in British courts over four years

Econet disputes the ownership of Zain’s Celtel Nigeria and said it sought arbitration measures to prohibit the unit’s sale or transfer. Econet is looking to overturn a 2006 deal in which Celtel bought a 65 percent stake in Nigerian mobile operator Vmobile, since renamed Zain Nigeria.

Econet, which owns 5 percent of Zain Nigeria, says it should have been given the opportunity to buy the shares first.