Telekom Malaysia battles it out with Ghana

7 Jan 2003

Telekom Malaysia™ is in the midst of a ferocious battle with authorities in Ghana over a loss of USD100 million suffered by the Malaysian telco. TM bought a 15% stake in the company at the beginning of 2000, and, as part of the purchase, promised to invest heavily to improve and modernise its telephone network. A currency devaluation and a change of government in Ghana, however, meant that the investment changed into a liability. TM has now demanded that its money is returned and has threatened to sue the Ghanian government.