GOVERNMENT PRESS STATEMENT

NO 15: 2012

 

RE: GOVERNMENT POSITION ON THE SWAZI MTN SHAREHOLDERS WAY FORWARD

His Excellency the Right Honourable Prime Minister wishes to communicate to the nation the latest developments with regard to the Swazi MTN Shareholders’ (SPTC, MTN International, Swaziland Empowerment Ltd) dispute as follows;

 

• Cabinet has revisited and refined the decision it took on the 25^th March, 2012 on the Swazi MTN shareholders’ disagreement.

 

• The Swazi MTN shareholders are to revert to and abide by the initial 1998 Joint Venture agreement (JVA) that binds them.

• The Swazi MTN shareholders must respect and implement the rulings of the Supreme Court of the Kingdom of Swaziland and that of the International Court of Arbitration (ICA).

• The nation will recall that the three (3) shareholders of Swazi MTN negotiated a Joint Venture Agreement (JVA) under the watchful eye of Government in 1997. The three shareholders voluntarily agreed and signed the JVA.

• SPTC is a wholly owned parastatal of the Government of the Kingdom of Swaziland. Therefore, the Board must operate under the direction of the Minister of Information, Communication and Technology (ICT).

 

• Swazi MTN is a fully-fledged Swazi company whose majority shareholding is held by Swazi nationals.

 

• The Government will not allow SPTC and Swazi MTN to collapse, and believes that the 1998 Joint Venture Agreement will be the basis for the survival of both institutions for the benefit and development of Swaziland.

Dr. B. Sibusiso Dlamini                  12^thApril 2012

PRIME MINISTER