Zvinotombo Sungawo Mhene Zim Billionaire Strive Masiyiwa Struggles To Get Buyer For Telecom Assets To Pay Loan

By Staff Reporter
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56884
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July 31, 2020

The coronavirus pandemic is hampering efforts by Zimbabwean billionaire and philanthropist, Mr Strive Masiyiwa, to sell a stake in Africa’s largest fiber company.

Mr Masiyiwa is seeking buyers for 20 percent to 34 percent of Liquid Telecommunications Holdings Limited for as much as $600 million, according to four people with direct knowledge of the matter.

He needs the money to repay a $375-million loan that was backed by Public Investment Corp., the continent’s largest money manager, they said. The PIC, which oversees the equivalent of $135 billion mainly on behalf of South African government workers, is demanding the issue be resolved by the end of August after granting an extension on the payment earlier this year, the people said. The loan it backed was used to fund a pay-TV venture, which failed last year because Zimbabwe’s economic woes and currency shortages meant the company couldn’t pay suppliers.

The 59-year-old tycoon had pledged shares in Liquid Telecom to the PIC as security for the loan, which had been taken out with Deutsche Bank AG.

Mr Masiyiwa was planning to repay the debt from the proceeds of an initial public offering in Liquid Telecom, which was scrapped because of volatile equity markets, the people said.The founder of Econet Global Ltd., which has interests in mobile-phone network operators and digital-banking operations across the continent, would rather sell part of his 66 percent stake in Liquid Telecom to avoid surrendering shares in the company at a discount to the PIC, one of the people said.

Mr Masiyiwa hired Goldman Sachs Group Inc. earlier this year to sell the stake, but talks with potential investors started unraveling after the Covid-19 outbreak intensified in March, the sources said.

Buyers wanted more time to assess the economic fallout of lockdowns to contain the virus on Africa’s economies, they said.

Representatives for the PIC, Goldman Sachs, Deutsche Bank and Econet declined to comment.

Liquid Telecom operates in 13 countries in East, Central and southern Africa with data centers in Johannesburg, Cape Town and Nairobi. It also offers cloud-based services from Microsoft Corp., according to its website. U.K. development finance institution CDC Group Plc in December 2018 bought almost 10 percent of Liquid Telecom for $180 million.

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Best Workers Compensation Lawyer for Construction Injury Claims

Construction accidents create some of the most expensive workplace injury claims in America.

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Why Construction Injury Cases Become Complex

Construction sites involve multiple companies at once.

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Common Mistakes Injured Workers Make

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Strong legal representation often improves claim outcomes.

Final Takeaway

Construction injury claims are rarely simple.

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FAQ

Can I sue after a workplace construction injury?

Possibly. Third-party negligence claims may exist beyond workers compensation.

How long do workers compensation claims take?

Simple claims may resolve quickly while severe injury disputes can take much longer.

DUI With CDL: Why Commercial Drivers Need Legal Help Fast

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DUI With CDL: Why Commercial Drivers Need Legal Help Fast

For a commercial driver, a DUI is not just a criminal case. It can threaten your career.

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Your employer has not been notified yet

The consequences can include CDL disqualification, job loss, and difficulty getting hired later.

Lower Alcohol Limits for Commercial Drivers

Commercial drivers operating commercial motor vehicles are generally subject to stricter alcohol rules than regular drivers. Federal safety rules and state laws may impose lower BAC standards for CDL holders while operating commercial vehicles.

Because CDL law is technical, speak with a lawyer familiar with both DUI defense and commercial driving rules.

Possible CDL Consequences

A DUI may lead to:

CDL disqualification
Loss of job
Higher insurance risk
Employer reporting issues
Difficulty finding future driving work
Required alcohol assessment
Criminal penalties
License suspension
Ignition interlock issues

A regular hardship license may not fully protect commercial driving privileges.

What If the DUI Happened in a Personal Vehicle?

This is one of the most important questions CDL holders ask.

In many situations, a DUI in a personal vehicle can still affect CDL privileges.

Do not assume your CDL is safe because you were not driving a commercial vehicle.

What Should a Commercial Driver Do After a DUI Arrest?

Take these steps:

Save all paperwork
Check court date
Check license deadlines
Do not miss hearings
Avoid discussing the case publicly
Do not drive if your license is suspended
Contact a DUI lawyer quickly
Ask about CDL-specific consequences
Review employer reporting rules

Evidence a CDL DUI Lawyer May Review

A lawyer may review:

Reason for the stop
Field sobriety tests
Breath test procedure
Blood test records
Officer report
Body camera video
License paperwork
Refusal allegation
Commercial driving status
Vehicle type
Employer records when relevant

Why Plea Decisions Matter

A plea that seems acceptable for a regular driver may be devastating for a CDL holder.

Before accepting any offer, a commercial driver should understand:

CDL disqualification
Employer consequences
Insurance consequences
Future hiring impact
State motor vehicle agency rules
Federal commercial driving implications

Can a CDL Driver Keep Working After a DUI?

It depends on the facts, license status, employer policy, and applicable law.

Some drivers may be immediately removed from driving duties. Others may continue temporarily while the case is pending, depending on license status and employer rules.

Do not drive commercially unless you are legally allowed to do so.

Final Thoughts

A DUI with a CDL can threaten your career, not just your record.

Commercial drivers should act quickly, protect deadlines, and speak with a lawyer who understands DUI defense and CDL consequences.

One wrong decision can affect years of income.