GICAM Expresses Concerns Over Legal Decision Affecting MTN and Affiliates in Cameroon

The Cameroon Employer’s Organisation (GICAM) is raising concerns about a recent legal decision affecting a consortium of Cameroonian companies, including MTN Cameroun, CHOCOCAM, and Broadband Telecom. The decision, handed down by the Enforcement Judge of the Douala-Bonanjo Court of First Instance on November 16, 2023, instructed AFRILAND FIRST BANK to confine funds in the “MOBILE MONEY POOL ACCOUNT.”

GICAM emphasizes its deep concern in a press release, noting that the decision appears to disregard regional banking regulations, posing potential risks to social cohesion and peace. The organization highlights that funds on electronic communications networks belong to account holders, not the operators, and are exempt from seizure, according to regional regulations.

Expressing worries about citizen unrest and the negative impact on investment attractiveness, GICAM calls on judicial authorities to strictly adhere to the law, emphasizing the need for stability during challenging times.