Local Shareholders in Liberia Accuse Investcom/MTN of Rights Violations

Local Shareholders in Liberia Accuse Investcom/MTN of Rights Violations.

Local shareholders allege that INVESTCOM/LLC is discriminating against Liberians by refusing to recognize their rights, citing a report that claims the company profiles them as “poor and low-level.” This accusation is particularly troubling given that Investcom/MTN profits significantly and benefits from having Liberians as shareholders.

“It’s inconceivable to treat Liberians this way, especially in Liberia,” said an aggrieved shareholder who requested anonymity.

The investigation uncovered that Investcom/MTN, through various communications, continues to deny Liberian shareholders their 20% shares, deeming them unworthy of holding shares in such a profitable business. According to reliable sources, Investcom/MTN ignored legal advice to distribute the shares to local shareholders and instead hired Heritage and Partners, bypassing their original legal counsel.

Despite Central Bank of Liberia (CBL) regulations and laws intended to empower Liberians and foster the middle class, the company is allegedly transferring millions of dollars out of Liberia without paying dividends to local shareholders. Additionally, INVESTCOM/MTN is reportedly attempting a hostile takeover by having their lawyer represent both the company and all shareholders, using shared funds to cover legal fees.

Recently, Lonestar Cell MTN Mobile Money Inc. was fined millions of Liberian dollars by the CBL for non-compliance with various regulations. In a stern letter to MTN Mobile Money CEO Rahul De, the CBL cited “continuous violations of CBL’s mobile money regulations and failure to meet minimum corporate governance requirements.”

Instead of paying the fine and complying with CBL directives, the CEO sought to have the fine waived. However, the CBL denied the appeal, reaffirming its demand for immediate payment and regulatory compliance. The CBL also highlighted that MTN Mobile Money has been in continuous violation since its inception.

Further investigations confirmed that the fine has now been paid, but the company still has not complied with CBL regulations. The CBL warned MTN Mobile Money that continued non-compliance could result in additional penalties.

In a related development, local Liberian shareholders of MTN Mobile Money have sued the company in the Commercial Court of Liberia for failing to respect their rights as shareholders.

Meanwhile, there have been calls for more inclusive contractual agreements in Liberia. Activists argue that the people of Liberia have long struggled with economic marginalization and inequality, and inclusive agreements are essential for progress.

Local shareholders allege that INVESTCOM/LLC’s refusal to recognize their rights stems from discrimination against Liberians, whom the company profiles as “poor and low-level,” according to a report. The shareholders find this troubling, considering that Investcom/MTN profits significantly and benefits from having these Liberians as shareholders.

“It’s inconceivable to treat Liberians this way, especially in Liberia,” said an aggrieved shareholder who requested anonymity.

The investigation revealed that Investcom/MTN, through various communications, continues to deny Liberian shareholders their 20% shares, deeming them unworthy of holding shares in such a profitable business. According to reliable sources, Investcom/MTN ignored legal advice to distribute the shares to local shareholders and instead hired Heritage and Partners, bypassing their original legal counsel.

In a related development, local Liberian shareholders of MTN Mobile Money have sued the company in the Commercial Court of Liberia for failing to respect their rights as shareholders.