Scancom Limited, operators of Areeba mobile telecommunications network, has beaten a dramatic retreat from pursuing an arbitration process it filed at the London Court of International Arbitration (LCIA), in the case in which a Ghanaian Investor is laying claim to 20% shares in the company.

Before a motion filed against Scancom Limited, by Grandview Management Ltd in the USA, 3rd defendant in the original suit, could be heard by the commercial division of the High Court, the former had withdrawn arbitration proceedings against the latter, through a supplementary affidavit.

Counsel for Grandview Management Ltd, Thaddeus Sory, last week informed the court presided over by Justice Henry Kwofie that he had not been served with the supplementary affidavit filed by Scancom Limited.

Counsel therefore requested that the hearing of his motion be suspended in order for him to study the affidavit of the Areeba operators and respond appropriately. The case was then adjourned to July 3, 2007 for continuation.

The motion filed by Grandview Management Ltd, was seeking an order of the court to restrain Scancom Limited from going ahead with the arbitration processes before LCIA since it may cloud the main issue.

Counsel, in his application, noted that in the event where the London Court of International Arbitration decides the pending issue differently from the Ghanaian court, it would create a misunderstanding among the parties involved.

However, the supplementary affidavit filed by the telecommunication network provider indicated that it would not pursue arbitration against its co-defendant, Grandview Management Ltd.

The court on May 31, this year, refused a request made by the Beirut based parent company of Areeba network, Investcom Consortium Holdings SA (now Investcom LLC) to stay proceedings pending arbitration at the London Court of International Arbitration.

According to the court, it was capable of dealing with the issues brought before it in a fair and just manner since the issues complained of were the same that would be placed before the arbitration court in London. It was the view of the court that, where different courts handle the same subject matter, it would lead to multiplicity of issues, a situation that would not augur well as far as justice administration was concerned.

Mr. Aggrey has sued Investcom Consortium Holdings SA (now Investcom LLC) Scancom Limited and Grandview Management Ltd, for claims that his name had been removed from the shareholders list of Scancom Ltd, without any explanation.

Nana Aggrey is in court seeking that the defendants, jointly and severally, be ordered to pay him his true share of dividends declared in the 2000, 2001, 2002, 2003, 2004 and 2005 financial years and in a manner which was proportionate to his shareholding, with interest calculated at the commercial rate. Additionally, he is seeking, among others, an order rectifying the shareholding membership of Scancom Ltd to include his name and to accordingly restore him to his position as a shareholder and director of the company.

(SOURCE: Ghanaian Chronicle)