E& Group’s Battle for Maroc Telecom: A Legal Saga Unfolds
E& Group was left disappointed by the recent ruling of the Casablanca Court of Appeal on July 3, 2024, which upheld a judgment against its subsidiary, Maroc Telecom. The court ordered Maroc Telecom to pay a hefty fine of MAD 6.368 billion (USD 645 million) for alleged anti-competitive practices, a decision that E& Group vehemently disagrees with.
As the majority shareholder of Maroc Telecom, E& Group is standing firm in its support of the telecom giant and is determined to challenge the ruling through all legal means available. Despite the setback, E& Group reassured stakeholders that the financial impact of the judgment will not affect its consolidated results for the foreseeable future.
Amidst this legal turmoil, H.E. Jassim Mohammed Buatabeh Al Zaabi, Chairman of E& Group, expressed concern over the regulatory challenges hindering future investments in Morocco’s digital infrastructure. CEO Hatem Dowidar reiterated the company’s commitment to legal compliance and emphasized the importance of digital empowerment in driving success.
E& Group remains resolute in exploring all options to protect its investment in Maroc Telecom, as the telecom giant faces one of the largest fines in the global sector, impacting its ability to compete and innovate in the market.