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Orascom Telecom says court upholds fine on Algerian unit

Reuters, Monday 28 May 2012

Algerian court confirms judgement against Orascom Telecom Algerie that consists of fines of 99 billion Algerian dinars, worth about $1.3 billion

OTA

Cairo-based Orascom Telecom said on Monday that an Algerian court had confirmed fines against its Algerian subsidiary but had suspended a jail sentence on a member of the unit's senior executive team.

It said the court of appeal confirmed a judgement against Orascom Telecom Algerie (OTA) that consisted of fines of 99 billion Algerian dinars, worth about $1.3 billion.

"The criminal custodial sentence previously ordered against a member of OTA's senior executive team has been suspended. However, OTA has been ordered to pay the whole amount of the fines," it said in a statement. OTA says its executive complied with the law.

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