Court Dismisses Case Challenging MTN IPO
The High Court at Kampala has dismissed with costs a case challenging the MTN Uganda Initial Public Offering (IPO) of 4,477,808,848 ordinary shares.
The case was filed by notorious lawyer, Male Mabirizi against the Capital Markets Authority.
The lawyer contended that the Capital markets regulator approved the MTN IPO prospectus illegally and therefore sought its decision to be quashed by the High Court.
While dismissing the case, High Court Judge Justice Phillip Odoki found Mr. Male Mabirizi lacked locus standi and a sufficient interest to bring the suit before him.
Locus standi is the right or capacity to bring an action or to appear in Court.
” In my view, the description by the Applicant ( Mabirizi) of himself as a lawyer, business man, civically active Ugandan who has been following the Constitution, Public Administration, and the rule of law trends in Uganda since secondary school doesn’t give him the requisite sufficient interest to challenge the decision of the respondent ( Capital Markets Authority) to approve the impugned prospectus.” Justice Phillip Odoki said.
The learned Judge explained that the demand for locus standi was intended to weed out cases by irresponsible applicants such as busy bodies, cranks and other mischief makers.
It is understood that Male Mabirizi plans to appeal the case in the Court of Appeal.