Africa, Business, invesment, Invesments, news, Uncategorized, World Bank, World Bank Group

Africa News February 11, 2014 at 10:14AM

this blog is spored BY reflex Eco Group

VENTURES AFRICA – A crude oil tanker ‘B Elephant’ seized last year by the Egyptian Navy after damaging two submarine internet cables belonging to Telecom Egypt, is set to be released after representatives of the ship agreed to pay $12.535 million in damages.

The deal signed with the representatives of the seized ship, El Swefy Law Firm, will cover all expenses that have to do with repairs, spare parts and the cost of returning the two submarine cables to their original condition, according to a Stock Market Wire report.

“Telecom Egypt will never give up, nor compromise defending its rights and the rights of its partners in regard to the submarine cables,” said Mohammed Elnawawy, managing director and chief executive officer (CEO) of Telecom Egypt.

He added that the company will not stop taking legal actions to ensure submarine cables across the North African country’s territorial water are protected as the company ensures preservation of its investments and shareholders’ equity.

The anchor of the ship belonging to the Taiwan Maritime Transportation, had on March 22 damaged the Internet cables, Europe India Gateway (EIG) and Telecom Egypt (TE) North, as it dragged through them, prompting the Egyptian Navy and Telecom to seize the ship and detain its crew who were later released.

Damage done to EIG and TE North at the time resulted in internet disruptions which was widespread and also hit submarine cable operator, SEACOM, which according to its website, has a network consisting of multiple subsea cable systems that connect Africa to Europe, Asia & the Middle East.

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