ABU DHABI, UAE, July 10, 2024 /PRNewswire/ -- e& Group has
expressed its disappointment with the Court of Appeal of
Casablanca's decision on
3 July 2024, which rejected the
appeal filed by Maroc Telecom "MT", a subsidiary of e&. This
decision upholds the Commercial Court of Rabat's ruling from 29
January 2024, mandating MT to pay 6.368 billion Moroccan dirhams (approximately
USD 645 million) to Wana Corporate
for alleged anti-competitive practices.
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As a major shareholder in MT, with a 53% stake, e&
Group remains confident in its continuous compliance with all
regulatory laws and regulations across its operating markets. The
group firmly believes in the validity of Maroc Telecom's legal
position and intends to pursue all available legal avenues to
appeal this ruling and protect e&'s investments in Maroc
Telecom. e& assures its shareholders that this court decision
will not impact the consolidated results of e& Group for the
second quarter of 2024 or subsequent periods, due to adequate
coverage of international regulatory risks.
H.E. Jassem Mohamed Bu Ataba Alzaabi, Chairman of e&
Group, stated: "It is unfortunate that while global
capital is looking to leverage the transformative power of
technology to enhance digital infrastructure, smart government
services, and digital solutions for people, a challenging
regulatory environment negatively affects the future outlook of our
investments in Morocco."
Hatem Dowidar, CEO of e&
Group, added: "e& Group is committed to fully
complying with the laws in the markets where we operate. Empowering
communities digitally has been a cornerstone of e&'s success
over the past decades. We affirm that driving the digital future
requires constructive cooperation between service providers,
regulators, and legislators to foster the desired development of
communities and individuals."
Hatem Dowidar also emphasised
that all options are on the table regarding e&'s investment in
MT due to the repeated setbacks caused by regulatory penalties,
legal judgments, and resolutions that limit Maroc Telecom's ability
to compete in the market. Over the past few years, this has cost MT
more than MAD 12 billion (more than USD 1.2
billion) in penalties — one of the highest in the
telecom sector worldwide — impeding Maroc Telecom's future
investments.
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