This time the ICC refers to the International Chamber of Commerce. In the past, ICC has referred to the International Criminal Court.
Vodacom is one of the few cell phone service providers. They are the best cell service especially in the rural areas of Congo. Most people in rural village of Bulape use Vodacom. They provide both voice and data service.
Vodacom Group Ltd., which is 65 percent held by Vodafone Group Plc, is seeking an “interim award” from the International Chamber of Commerce to appoint an ”ad-hoc administrator” for its business in the Democratic Republic of Congo.
Vodacom wants an administrator to reorganize Vodacom Congo’s balance sheet and convert the unit to a public company so it complies with its license conditions, Bob Collymore, head of corporate affairs at Johannesburg-based Vodacom, said in a telephone interview today.
Vodacom Congo Sprl, which is 51 percent held by Vodacom with the rest held by Kinshasa-based Congo Wireless Network, decided on April 9 to apply for arbitration proceedings after shareholders could not agree at an extraordinary meeting on a $484 million recapitalization and conversion of the unit to a public company.
Before the meeting, CWN accused Vodacom of usury, fraud, forgery, the use of false documents and abuse of trust, mainly over a loan that allegedly resulted in CWN incurring inflated interest and fees. Vodacom denies the claim.