{"id":22215,"date":"2021-12-03T11:34:31","date_gmt":"2021-12-03T11:34:31","guid":{"rendered":"https:\/\/www.africa-press.net\/uganda\/?p=22215"},"modified":"2021-12-03T10:57:46","modified_gmt":"2021-12-03T10:57:46","slug":"court-dismisses-case-seeking-to-block-mtn-share-listing","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/uganda\/all-news\/court-dismisses-case-seeking-to-block-mtn-share-listing","title":{"rendered":"Court dismisses case seeking to block MTN share listing"},"content":{"rendered":"

Africa-Press – Uganda. <\/strong><\/span>The Civil Division of the High Court has dismissed an application in which lawyer Male Mabirizi had sought to block MTN from listing its shares at the Uganda Securities Exchange (USE).<\/p>\n

In a case filed against Capital Markets Authority (CMA), Mabirizi had argued against the decision to approve MTN\u2019s prospectus in which the telecom floated 4.5b ordinary shares to the public.<\/p>\n

Mr Mabirizi had sought court to compel CMA to cancel its decision with orders prohibiting implementation of any further activity regarding the MTN Initial Public Offering.<\/p>\n

He had also supported his application with an affidavit reasoning that CMA had not promptly carried out its duties thus failing to discover that MTN is a private company, which cannot issue a prospectus and the shares listed did not belong to MTN International.<\/p>\n

Therefore, he argued, the scheme to float shares was only intended at repatriating Ugandans\u2019 resources.<\/p>\n

However, in a November 26 ruling, Justice Philip Odoki, reasoned that although Mr Mabirizi had stated that he had sufficient interest in the matter, he did not show any connection between him and CMA beyond what other members of the public have.<\/p>\n

\u201cHe did not plead nor prove that he had been prejudicially affected or will be affected by the decision of CMA. He did not state that he had subscribed for the impugned shares or intends to do so,\u201d Justice Odoki held, explaining that he had carefully examined the powers and duties of CMA under the Capital Markets Authority Act and did not find a clause that gives Mr Mabirizi any express right to complain of an alleged unlawful act or omission.<\/p>\n

According to the ruling, in deciding whether the application for judicial review had sufficient interest in the matter to which the application related, the court\u2019s hearing had taken into account, the nature of the applicant, the extent of which his interest in the issues raised, the remedy which he sought to achieve and the nature of relief sought.<\/p>\n

Justice Odoki ruled that Mr Mabirizi\u2019s submissions that had alleged that the decision would affect the public was unfounded on any laws governing judicial review in Uganda.<\/p>\n

court ruling<\/p>\n

Court ruled that it is only persons, if at all there are affected, who have a basis in law to file application. The ruling also noted that other than that, the Judge had found that Mr Mabirizi had failed to neither plead nor prove that he has any direct interest in the matter therefore having no basis in law to institute the application.<\/p>\n

For More News And Analysis About Uganda<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Uganda. The Civil Division of the High Court has dismissed an application in which lawyer Male Mabirizi had sought to block MTN from listing its shares at the Uganda Securities Exchange (USE). In a case filed against Capital Markets Authority (CMA), Mabirizi had argued against the decision to approve MTN\u2019s prospectus in which […]<\/p>\n","protected":false},"author":84,"featured_media":22214,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[233,240,234],"class_list":["post-22215","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-africa-press","tag-africa-press-uganda","tag-uganda"],"yoast_head":"\nCourt dismisses case seeking to block MTN share listing - Uganda<\/title>\n<meta name=\"description\" content=\"The Civil Division of the High Court has dismissed an application in which lawyer Male Mabirizi had sought to block MTN ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/uganda\/all-news\/court-dismisses-case-seeking-to-block-mtn-share-listing\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Court dismisses case seeking to block MTN share listing\" \/>\n<meta property=\"og:description\" content=\"The Civil Division of the High Court has dismissed an application in which lawyer Male Mabirizi had sought to block MTN ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/uganda\/all-news\/court-dismisses-case-seeking-to-block-mtn-share-listing\" \/>\n<meta property=\"og:site_name\" content=\"Uganda\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2021-12-03T11:34:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2021\/12\/img-61a9f80e9b4ec.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1206\" \/>\n\t<meta property=\"og:image:height\" content=\"667\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/court-dismisses-case-seeking-to-block-mtn-share-listing#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/court-dismisses-case-seeking-to-block-mtn-share-listing\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Court dismisses case seeking to block MTN share listing\",\"datePublished\":\"2021-12-03T11:34:31+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/court-dismisses-case-seeking-to-block-mtn-share-listing\"},\"wordCount\":442,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/court-dismisses-case-seeking-to-block-mtn-share-listing#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2021\/12\/img-61a9f80e9b4ec.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Uganda\",\"uganda\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/uganda\/all-news\/court-dismisses-case-seeking-to-block-mtn-share-listing#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/court-dismisses-case-seeking-to-block-mtn-share-listing\",\"url\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/court-dismisses-case-seeking-to-block-mtn-share-listing\",\"name\":\"Court dismisses case seeking to block MTN share listing - 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