Telecom Egypt Clarifies Situation Regarding Prepaid Card Companies
TE has diligently followed the appropriate legal process regarding the potential to recoup any of the outstanding amounts.
Following inaccurate media reports, and to clarify the situation, Telecom Egypt (TE) can confirm the total amount of receivables from certain prepaid card companies is EGP 128 million – not EGP 2.5 billion, as has been reported in the local media.
An impairment allowance was made in TE's previous year's company accounts as soon as concern over the slowness of settlement was first evident.
Meanwhile, TE has diligently followed the appropriate legal process regarding the potential to recoup any of the outstanding amounts.
Firstly, TE has submitted a formal complaint to the National Telecommunications Regulatory Authority (NTRA) to resolve the outstanding issue, pursuant to the provisions of the contract and the requirements of the Telecommunications Law No. (10) for the year 2003.
Secondly, arbitration cases have now been filed against all three operators, for which a decision is pending.
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