The telecoms firm Cable and Wireless is facing a huge lawsuit from one of its shareholders who claims its parent company, Cable and Wireless UK unlawfully transferred money out of Jamaica for its exclusive benefit.
The claim was brought by financier, Jason Abrahams who holds 60 million shares in Cable and Wireless Jamaica.
Abrahams wants billions of dollars reportedly taken out of the local company to be returned to boost the company's financial position.
The suit follows news that emerged on Friday that Cable and Wireless Jamaica that its majority shareholder CWC cala and its subsidiary kelfenora...both owned 82 per cent of the company..
They are offering to purchase the 18 per cent they do not currently own with an intent to take the company private.
Liberty Global
International cable giant Liberty Global yesterday completed its spinoff of its Latin American and Caribbean cable and telecom systems into a new public company.
Shares in Liberty Latin America started trading Tuesday morning, the first day the markets have been open in the new year.
Liberty Latin America had previously been a unit of Liberty Global with tracking-stock shares that weren't tied specifically to the business' assets.
The spinoff transformed each share of the LiLac Group tracking stock into equity shares of the newly independent company's common stock.
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