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e& Group, an Emirati telecommunication giant, expressed its disappointment on Wednesday at the Court of Appeal of Casablanca's rejection of an appeal filed by Maroc Telecom, one of its subsidiaries.
The decision, upholding a ruling by the Commercial Court of Rabat on July 3, ordered Maroc Telecom to pay 6.368 billion Moroccan dirhams to Wana Corporate for anti-competitive practices, according to a statement by e&. The latter owns a 53% stake of Maroc Telecom.
«E& Group maintains its belief in Maroc Telecom's continuous compliance with all regulatory laws and regulations across its operating markets», it said. It also added that it firmly believes in the validity of Maroc Telecom's legal position and intends to pursue all available legal avenues to appeal this ruling and protect e&'s investments in Maroc Telecom.
«It is unfortunate that while global capital is looking to leverage the transformative power of technology to enhance digital infrastructure, smart government services, and digital solutions for people, a challenging regulatory environment negatively affects the future outlook of our investments in Morocco», stated H.E. Jassem Mohamed Bu Ataba Alzaabi, Chairman of e& Group.
«e& Group is committed to fully complying with the laws in the markets where we operate. Empowering communities digitally has been a cornerstone of e&'s success over the past decades. We affirm that driving the digital future requires constructive cooperation between service providers, regulators, and legislators to foster the desired development of communities and individuals», said Hatem Dowidar, CEO of e& Group.
Dowidar also stressed that the group is studying all options regarding its investment in Maroc Telecom due to repeated regulatory penalties, legal judgments, and resolutions that hinder the company's ability to compete in the market.
For the record, Maroc Telecom has lost MAD 12 billion in penalties, one of the highest amounts in the telecom sector worldwide, impeding Maroc Telecom's future investments, he added.
