Tanzania agency to liquidate defunct telecom firm Sasatel
TLDR
- RITA in Tanzania is finalizing liquidation of Sasatel telecom and Hydrox Industrial Services Limited.
- Liquidation due to inability to continue operations or settle debts.
- Decision made by RITA CEO, Frank Kanyusi, to protect rights of shareholders, partners, creditors, and employees.
Tanzania’s Registration, Insolvency, and Trusteeship Agency (RITA) is finalizing the liquidation of the defunct telecom provider Sasatel, confirming that the company could neither continue operations nor settle its debts.
Alongside Sasatel, Hydrox Industrial Services Limited, an industrial service provider based in Dar es Salaam, Tanzania, was also named for liquidation.
Frank Kanyusi, RITA CEO, on Monday explained that the agency's decision to liquidate the two firms was intended to protect the rights of shareholders, partners, creditors, and employees.
Key Takeaways
When Dovetel Limited, which traded as Sasatel, emerged in 2008, industry stakeholders and key players anticipated it would usher in intense competition among operators. However, the telecom company quickly faltered, failing to compete effectively with established telcos like Vodacom, Tigo, and Airtel (formerly Zain). Sasatel ultimately shut down permanently, leaving RITA to liquidate the company. Similarly, Copia Global, a Kenyan B2C eCommerce startup, has abandoned efforts to revive its business. The company is set to liquidate assets, offer severance packages to employees, and pay creditors.
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