OBA OTUDEKO-LED BHARTI AIRTEL IN DEBT MESS
Bharti Airtel Limited, India largest wireless operator with less than six months operation in Nigeria, is allegedly involved in a debt mess with Broad Communication Limited, a leading shareholder group of the telecommunication company.
Those who should know divulged that Oba Otudeko-led Bharti Airtel that bought Zain Africa asset for an enterprise value of US$10.7 billion few months ago has refused to pay what Zain was owning Broad Communication before it was sold to them.
It was also gathered that Broad Communication had an outstanding of about N50 million with Zain before it was sold to Bharti Airtel.
Impeccable sources added that Broad Communication has sued Bharti Airtel to a law court to safeguard the investment of shareholders in view of the alleged gross mismanagement and financial indiscretion of Zain group.
An insider from Bharti, who preferred anonymity, disclosed that the company’s management has been treating shareholders unfair since its inception by turning down request of the shareholders to meet with the new management of the telecommunication company, where they have their investment.
The source added that the management is set to reduce its work force by sending away some staffers who know much about the metamorphosis of the company from Econet to its present owner few weeks time under the pretext of staff reduction due to the fact that some of the old hands have relationship with some shareholders.
Officials of the Corporate Communication Department of Bharti Aitel did not deny that it has a working relationship with Broad Communication, but declind to speak on the debt issue, when contacted to react to the matter