Foris Telecom closes shop in Uganda

Foris Telecom in Connecting

[blockquote right=”pull-left”]
[/blockquote]This wouldn’t come as a surprise to many, the fact Uganda has over 8 major players in the telecom market and with the exit of Orange from the Ugandan market in 2014, we were bound to see other small players follow suit. According to sources,  Foris Telecom, whose brand name is iN Connecting is in the final stages of closing shop in Uganda. iN Connecting which launched in April 2010 had refused to move on from the old and fast fading 4G WiMAX broadband technology to adopt the new 4G LTE technology that all other carriers are using now.

However, this was not the reason for their closure. Sources have informed this blog that Foris Telecom was heavily indebted, and things got worse due the tough competition in the telecom market. The company also had debts incurred due to bandwidth capacity that they leased from other service providers. Sources further indicate that their CEO, had conned most telecoms out of bandwidth capacity and would hop from one service provider to another seeking bandwidth connection until they accumulated a huge sum debt that the company has failed to pay back. The ISPs that fell victim of this include Warid (that’s not a mistake), Airtel, Orange among others.

Some of the employees of  the dying telecom have been reported to have jumped ship longtime ago and have now moved on to other telecoms like Vodafone.

Developing Story….

SHARE
234
Total