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Globacom settles GFA with $1m after arbitration

Nigerian telecom firm Globacom has paid the Ghana Football Association (GFA) $1,000,000 after an arbitration of a contractual impasse between the two entities.

One hundred thousand of the amount has however been used to settle lawyers who represented the FA in the case, a statement by the GFA said.

In a statement, the GFA said: “The Ghana Football Association (GFA) wishes to announce for the information of its members and all stakeholders that, an amount of $900,000 US Dollars, being arbitration settlement by Globacom Ghana has been bequeathed to it by the former Normalisation Committee of the GFA.

“The $900,000 US Dollars was paid into the GFA’s account on Wednesday November 27, 2019.

“As explained by the Normalisation Committee to the new administration of the GFA, Globacom Ghana paid an amount of $1,000,000 (one million) US Dollars to the Normalisation Committee as arbitration settlement for the unilateral abrogation of a sponsorship contract between the GFA and Globacom Ghana.

“The Normalisation Committee explained further that 10% of the total payment of $1m US Dollars, being $100,000 US Dollars, was paid as legal charges to the Lawyer the Normalisation Committee contracted to pursue payment from Globacom Ghana”.

 

Source: Ghana/Starrfm.com.gh/103.5FM

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