Court dismisses suit challenging 9mobile sale
The Federal High Court in Lagos on Wednesday dismissed a suit challenging the sale of telecommunications firm , 9 mobile , by Emerging Markets Telecommunications Services .
Justice C . J . Aneke dismissed the suit , after holding that the plaintiff , Spectrum Wireless Communications Limited , lacked the locus standi to maintain the action against Emerging Markets Telecommunications Services .
The judge upheld the preliminary objection by EMTS , which denied any direct shareholding relationship between it and SWCL, to give the plaintiff the right to challenge 9 mobile ’ s sale .
The plaintiff had claimed that it acquired indirect holding of 30 per cent of the shares of EMTS after a private placement and was allotted 4 , 041 , 096 Class A shares of PTHNV , which owns 99 per cent of the shares in MyaCynth.
The plaintiff also claimed that MyaCynth holds 30 per cent of the shares of EMTS BV; that EMTS BV holds 99 . 9 per cent of the shares of EMTS and that EMTS ’ syndicated loan from the second to fourth defendants was granted without the requisite statutory approval of the CBN .
It further claimed that its investments in EMTS will be lost if the 15 th to 17 th defendants were allowed to effect the sale of EMTS .
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