Stock - e&
e& confirms that the the Dh2 billion payment need to be made after the Moroccan judgement will not materially impact its upcoming Q2-2024 results. Image Credit: Supplied

Dubai: The Moroccan telco Maroc Telecom has to pay 6.36 billion Moroccan dirhams (equal to Dh2.3 billion) to its rival Wana Corporate - or Inwi - as per a judgement passed by the Court of Appeal of Casablanca.

The UAE’s e& is the major shareholder in Maroc, holding 53 per cent. The Moroccan government holds another 20 per cent plus.

The court’s verdict had to with ‘anti-competitive practices’ brought against Maroc by Wana Corporate.

“As a major shareholder in Maroc Telecom, we are disappointed with the decision,” said e& in a statement. “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.”

It was on July 3 that the Moroccan court issued its verdict, which upheld an earlier decision by the Commercial Court of Rabat.

Inwi - is one of three leading telecom companies in Morocco. It is a subsidiary of SNI and Kuwait's Zain group.

It was in 2020 that the Moroccan telecom regulator found in favour of Inwi related to a dispute it had with Maroc Telecom, that country's biggest telco. The matter then wound up in the courts, and with the latest verdict being delivered by Casablanca Court of Appeal.