“Once a copy of the decision is received, Etisalat will work closely with EDB’s management and legal counsel to understand the judgment, its ramifications on the operations of EDB, particularly its customers and employees as well as its right to a review of the Supreme Court’s decision,” Etisalat in a said.
The Supreme Court decision relates to events that occurred in January 2008, well before December 2008 when Etisalat invested in Swan. Etisalat has no knowledge of what occurred in the license application process for Swan, far less did it have any involvement. “The license applications were entirely conducted by the promoters and their associates who subsequently marketed the Swan investment opportunity to Etisalat through a well known international investment bank,” the company in a statement said.
“Etisalat has an excellent record of abiding by all of the laws and regulations in the 17 countries across Asia, the Middle East and Africa where it operates and continues to move forward with its growth strategy. We remain committed to becoming one of the world’s top 10 telecommunications companies,” Etisalat in a statement said.