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Orascom Telecom appeals Algeria court ruling against subsidiary

Communications giant lodges complaint after being hit with $1.3 billion fine and criminal sentence for executive

Ahram Online, Wednesday 28 Mar 2012
Views: 490
Views: 490

Orascom Telecom says it will appeal against the $1.3 billion in fines with which its local mobile subsidiary was hit by an Algerian court on Wednesday. It will also contest a criminal sentence handed to one of its executive employees.

"The judgment relates to a previously disclosed claim brought in 2010 by the Algerian authorities alleging breaches of foreign exchange regulations," a statement from Orascom on Wednesday afternoon said.
The Algerian subsidiary, OTA, and the Algeria-based senior executive had acted within the law, the statement said. The appeal would temporarily suspend the court's judgement, it added.
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