Togo Telecom teeters on the brink
Incumbent operator Togo Telecom is said to be on the verge on bankruptcy, having failed to reverse a trend of poor financial results that started in 2008. According to the findings of a state-led enquiry into the operator’s ongoing malaise, Agence Ecofin writes that the government has attributed Togo Telecom’s decline to the ‘poor management’ of its chief executive Sam Petchetibati Bikassam and systemic failure by the council that was set up by the government to monitor the telco’s performance and protect the interests of the state.
The state alleges that numerous questionable financial transactions have been conducted in the past six or seven years, all of which have left Togo Telecom with a CFA100 billion (USD190.1 million) black hole in its books.
Source: Telegeography 27 November 2014