Business Maverick: Are South African cellphone companies becoming a new form of African government ATM machine?

Following the bizarre arrest and imprisonment of Vodacom’s Tanzanian CEO MD Hisham Hendi last week, SA’s cellphone companies are quietly worried that governments outside their home base are abruptly changing investment terms and imposing dubious fines in a desperate attempt to supplement government income.

The circumstances in which Vodacom’s Tanzanian MD and eight other industry figures were arrested are still vague, but they have been effectively charged with economic sabotage, a crime so serious that no bail is available. Yet, the actual loss claimed by prosecutors is a relatively modest R68-million.

Vodacom has responded coolly to the arrest, saying the Tanzanian subsidiary “will continue to co-operate with the investigation and that it upholds the highest standards of business integrity, ethics and good corporate governance”. However, the company has been forced to appoint an emergency acting MD in Jacques Marais.

Those arrested include the head of revenue, Joseph Nderitu, the head of Vodacom Tanzania’s legal service Olaf Mumburi, the head of sales Joseph Muhere and finance manager Ibrahim Bonzo. Others arrested include Le Van Dai, the managing director of Halotel Tanzania, owned by Vietnam-based telecoms operator Viettel, and Sherif El Barbary, managing director of Zantel. All but one of the arrested are foreign nationals; Dai is a Vietnamese citizen, while Barbary is Egyptian.

Indonesia Berita Terbaru, Indonesia Berita utama

Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.

Business Maverick: Debt, State Firms Are Risks to South Africa Rating, Moody’s SaysSouth Africa may struggle to hang on to its sole investment-grade credit rating if economic growth persists at weak levels and if government debt and risk from state-owned companies rises, Moody’s Investors Service said.
Sumber: dailymaverick - 🏆 3. / 84 Baca lebih lajut »

Business Maverick: Africa Growth at 7-Year High, No Thanks to Its Major EconomiesGrowth in Africa’s two largest economies may be sputtering along but that won’t stop the continent’s gross domestic product from expanding at the fastest pace since at least 2012.
Sumber: dailymaverick - 🏆 3. / 84 Baca lebih lajut »

BUSINESS MAVERICK OP-ED: Blockchain and cryptocurrency regulation in AfricaSub-Saharan Africa may have the second-highest population of unbanked adults in the world, at about 350 million people, or 17% of the global total. It is estimated that two-thirds of sub-Saharan Africans do not have a bank account. Blockchain technology can help fix that, but only if African regulators act fast.
Sumber: dailymaverick - 🏆 3. / 84 Baca lebih lajut »

BUSINESS MAVERICK: Facebook’s South Africa problem: Just what exactly is ‘white nationalism’?Facebook, under enormous pressure to be more conscious about the content on the platform, has recently announced that beginning immediately it will start taking down posts that support white nationalism and white separatism. But what exactly is ‘white nationalism’ and how would it apply in South Africa? Turns out, it’s a work in progress. A MINORITY's(self)-Preservation .
Sumber: dailymaverick - 🏆 3. / 84 Baca lebih lajut »

Islamic State says it killed 18 soldiers in west Africa - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.Jihadist group Islamic State said on Thursday it had killed 13 Nigerian soldiers and five troops from a west African anti-militant force in attacks over recent days.
Sumber: SABC News Online - 🏆 32. / 51 Baca lebih lajut »

Travel Indaba aims to sell Africa as top tourist destination - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.The Travel Indaba will this year showcase everything Africa has to offer to the world.
Sumber: SABC News Online - 🏆 32. / 51 Baca lebih lajut »