HomeBusiness

TelOne Warns Of Possible Internet Blackout As It Chokes With $22 Million Debt

5 years agoThu, 20 Dec 2018 11:35:55 GMT
Share on FacebookShare on TwitterShare on LinkedIn
TelOne Warns Of Possible Internet Blackout As It Chokes With $22 Million Debt

The current foreign currency shortage threatens to negatively impact the country’s internet connectivity.

An internet blackout in the near future is now a distinct possibility as TelOne has failed to settle its financial obligations with companies from Africa, Asia and Europe. In total, TelOne owes $22 million dollars. This was revealed by TelOne’s managing director Chipo Mutasa. She said

TelOne is in receipt of demand letters from the following service providers; TDM of Mozambique — $5,7 million for backhaul services, Telecom Capital Finance — $1,1 million for loan repayment, Duraline — $845 000 for network material, WIOCC — $6,2 million for internet bandwidth.

TelOne continues to be crippled by the escalating arrears on a monthly basis with no meaningful allocations received since July 2018.

We continue to plead for the telecommunications sector to be prioritised for foreign currency allocations and this needs your urgent intervention as the situation is now out of control.

Usanetseke neNetOne airtime.

Baya *405# utenge neEcoCash

Withdrawal of services will result in a standstill of our operations and a major internet blackout for the country.

As reiterated in our past correspondences, Telecom Capital Finance secured a default judgment against TelOne in Mauritius.

The continued delayed remittances will result in seizure of TelOne shares in WIOCC any moment from now (while) Telecom Capital will be reinstating $1,6 million that was written off when refinancing was negotiated in 2014, if TelOne fails to pay the balance of US$1,1 million by December 20, 2018 (today).

Related:

More: Herald

Tags

0 Comments

Leave a Comment


Generate a Whatsapp Message

Buy Phones on Credit.

More Deals
Feedback