Bharti Airtel will pay Tanzania $26.2 million to settle ownership row

Bharti Airtel will pay the Tanzanian government 60 billion shillings ($26.2 million) over a period of five years to settle an ownership dispute.

The company will pay to the government 1 billion shillings every month for sixty months starting April 2019, Chairman Sunil Mittal said at a briefing in Tanzania’s commercial hub, Dar es Salaam. The company will also pay the government a special divided at end of this year, Mittal said without mentioning the amount.

Mittal said that three of the seven members of the company’s board, will be Tanzanian.

Airtel will also give the East African country $1 million to support development projects, President John Magufuli’s communications director, Gerson Msigwa, said earlier Monday in an emailed statement.