UK Orders Security Oversight of Vodafone on UAE-Backed Stake
- Says Emirates Telecom’s 15% stake poses national security risk
- The Abu Dhabi-backed firm is Vodafone’s largest shareholder
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The UK government said a stake held in Vodafone Group Plc by Abu Dhabi’s Emirates Telecommunications Group Co. PJSC is a national security risk and ordered the companies to take steps to mitigate it with an oversight board.
Emirates Telecom is Vodafone’s largest shareholder, with a stake of just under 15%. That poses risks given Vodafone’s importance to the UK’s telecommunications and cyber sector and its role as a supplier to government departments, according to a statement published Wednesday.