e& Group expresses disappointment with decision of Casablanca Court of Appeal

(MENAFN) The E& Group has expressed its disappointment with the Casablanca Court of Appeal's decision on July 3, 2024, to reject the appeal filed by its subsidiary, Maroc Telecom. The court upheld a ruling by the Commercial Court of Rabat from January 29, 2024, which mandates Maroc Telecom to pay a fine of 6.368 billion Moroccan dirhams (approximately USD645 million) to the company Wana. This fine is a result of alleged anti-competitive practices.

E& Group, holding a 53 percent stake in Maroc Telecom, firmly believes in the legal integrity of Maroc Telecom's position and intends to explore all possible legal avenues to contest this decision and safeguard its investment. The group emphasized that this ruling will not impact its consolidated financial results for the second quarter of 2024 or beyond, as it has adequately accounted for regulatory risks in its accounting policies.

Jassim Mohammed Bouataba Al Zaabi, Chairman of E& Group, expressed regret over the ruling, noting that it comes at a time when global capital is increasingly focused on leveraging the transformative potential of the telecom and technology sectors to enhance digital infrastructure, smart government services, and digital solutions for individuals. He lamented that the regulatory challenges are adversely affecting the group's future investments in Morocco.

Hatem Dowidar, CEO of E& Group, reiterated the group's commitment to complying with the laws in the markets it operates in. He highlighted the importance of digital empowerment for societies, which has been a cornerstone of the group's success over the decades. Dowidar stressed that achieving a digital future requires constructive cooperation between service providers and regulatory and legislative bodies to drive the desired development for societies and individuals. 



Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.