Econet Shuts Down In 13 Countries Across Africa
Econet Media Limited is selling its shares in the satellite broadcast business in at least 13 African countries after going through insolvency, having reportedly accumulated millions of dollars in liabilities.
The media group, which primarily traded under the brands Econet Media or Kwese TV, is also selling its interest in free-to-air television and the digital distribution of media content.
Econet Media, a subsidiary of Econet Wireless International, which offered services as Kwese TV in Zimbabwe, shut down after racking up over US$130 million in external liabilities before going under voluntary administration after failing to pay its suppliers.
The business, controlled by the Zimbabwean businessman, Strive Masiyiwa, then hired Paul Gerald Lincoln from Ernst and Young, a licensed insolvency practitioner, in an effort to rescue the sinking ship.
Efforts to get a comment from the spokesman of Econet Wireless Zimbabwe, Fungayi Mandiveyi, were fruitless after he said he could not talk as he was swamped in the middle of commitments.
The company, however, did confirm that it is selling its shares in Econet Media or Kwese TV in Botswana, South Africa, Nigeria, Dubai, Ghana, Kenya, Lesotho, Malawi, Rwanda, Uganda, Tanzania, Zambia and Mauritius. Econet said that offers are invited for the purchase of the firm’s shares held in the countries mentioned above.