tHE transaction advisor handling 9mobile’s sale process, Barclays Africa, has admitted ignoring due process in the process that threw up Teleology Holdings Limited and Smile Communication as preffered and reserved bidders respectively.

According to Smile Communications statement, the confirmation is contained in a letter written by Barclays Africa to Guaranty Trust Bank (in its capacity as Facility Agent, acting for and on behalf of the syndicate lenders).

In the letter  directed to the interim Board of 9mobile, Barclays Africa admitted that its letter to the Board dated  February 19, 2018 in which it responded to the  February 18 letter from the board amongst others advised the Board against changing the rules  mid-way into the process.  “The instructions in the letter are not in line with the process letter dated 26th January 2018, as approved by the Board and issued to each bidder and will effectively amend the same,” Barclays was quoted to have said in the statement.

Barclays Africa further lamented that its advisories were largely ignored by the board so as to achieve a predetermined end.

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