Vodacom is on a collision course with disaster thanks to its incompetent black empowerment vehicle, YeboYethu, which is begging the constitutional court to intervene in the company’s high-stakes appeal over the “please call me” ring-back service row.
A recent application by Vodafone Group, the parent of Vodacom, was rejected by the court and now YeboYethu is hoping to throw a wrench in the appeals process.
Vodacom faces the wrath of 80,000 black investors who stand to lose dividends if it’s forced to pay massive compensation to Makate. And it gets worse for Vodacom – an avalanche of chaos could result if the “please call me” fiasco forces YeboYethu into bankruptcy, leaving many black investors worse off than before.
The Writing is on the Wall
The payment of billions to Makate, as demanded, could result in 80,000 black shareholders of Vodacom sacrificing their dividend income for a long time.
The appeals court order, which found that Joosub made a wrongful decision to dismiss Makate’s claims, has caused chaos at Vodacom. Now the company, its black investors, and the entire nation are wondering what’s to come from this impending economic disaster. Will the Vodacom “please call me” fiasco set off an avalanche of class-action suits against the telecom giant or will the country’s supreme court come to the rescue and restore balance to Vodacom’s financial standing?
Makate has been vindicated, and Vodacom’s woes are nowhere near over yet. Whether the court sees it from the perspective of YeboYethu or just does the right thing in the face of injustice will determine the course of its financial future and the state of the industry as a whole.
Court Case: Vodacom’s BEE, YeboYethu, seeks amicus curiae intervention in Supreme Court appeal – TechCentral
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