Published: 16 January 2014

The country's second second largest mobile company, Telecel Zimbabwe has denied allegations that the company defaulted on the conditions of its licence renewal.

Telecel Zimbabwe General Manager Mrs Angeline Vere on Thursday afternoon said: "our records at hand will confirm that instructions to pay the deposit were immediately processed through our banks"

In a statement sent to Business Daily Vere said:

1.   The agreed fee for the renewal of the organisation’s licence was indeed set at $137.5 million to cover the next 20 years.

2.    Telecel entered into negotiations which resulted in an agreement with the Regulatory Authority together with the then parent Ministry of Transport & Communications and the Ministry of Finance to pay the licence fee over an agreed period with a deposit of $14 million being paid forthwith.

3.    Our records at hand will confirm that instructions to pay the deposit were immediately processed through our banks.

4.    Both banks have confirmed to both regulatory and Ministry officials the obligation they have to Telecel to meet this commitment.

5.    The next installment is due to be paid in December 2014 and Telecel is geared to meet this obligation as per the agreed payment plan with Government.

On Thursday 9 The Finacial Gazette's Companies & Markets cited that "Telecel had approached Potraz to pay the US$137,5 million in installments but failed to do so during the last quarter of 2013."
- BusinessDaily

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