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UAE telco e& has announced that its appeal against an anti-competitive practices compensation payment in a Moroccan court has been denied, requiring it to pay 2.3 billion dirhams ($626 million) to Casablanca-based Wana Corporate.
Maroc Telecom, which is 53% owned by e&, was first ordered to pay the compensation to the Moroccan telco in January, and the Court of Appeal in Casablanca upheld the decision on Wednesday.
A statement to Abu Dhabi Securities Exchange (ADX) said “As a major shareholder in Maroc Telecom, we are disappointed with the decision and we will exhaust all legal options to challenge the impact of the court decision.
“This court decision will not impact the consolidated results of e& Group for the second quarter of 2024 due to adequate coverage of international regulatory risks.
(Reporting by Imogen Lillywhite; editing by Brinda Darasha)
