algerian judiciary postpones orascom djezzy appeal to may 6
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Vimpelcom threats to resort to international arbitration

Algerian judiciary postpones Orascom Djezzy appeal to May 6

Arab Today, arab today

Arab Today, arab today Algerian judiciary postpones Orascom Djezzy appeal to May 6

Orascom Telecom Djezzy
Algiers – Sofiane Siyoucef

Orascom Telecom Djezzy Algiers – Sofiane Siyoucef An Algerian court on Sunday postponed an appeal hearing into a $1.25 billion fine imposed on Djezzy, the local mobile phone unit of Russian telecoms firm Vimpelcom, until May 6 .
Orascom Telecom Djezzy is accused of financial irregularities totalling $189 million during the period 2007 to 2009 through transferring capital abroad.
Djezzy chief executive Tamer El Mahdy, who has been convicted in the case and faces jail if the conviction is upheld, also failed to appear for the hearing at the Ruisseau court in Algiers.
The court decided to postpone hearing the appeal in response to a request from the defence, said defence lawyer Abdul Majeed Slena. The Court of First Instance of Sidi Mohamed had sentenced Djezzy in March to pay a fine of DA 93 billion, and Mahdy to two years in prison and a fine of DA 6 billion ($1.3 billion) while acquitting Citibank where Orascom Telecom deposited its funds.A lower court ruled last month that Djezzy and its CEO were guilty of violating foreign exchange regulations. Djezzy's parent company denied the allegations against it and its chief executive, and lodged an appeal.
Djezzy has been the subject of a long-running dispute with the Algerian government, during which the firm has been hit by back-tax demands, threatened with nationalisation, and put under criminal investigation.
The Bank of Algeria in 2011 raised a judicial complaint against Orascom Telecom accusing it of violating the Algerian foreign exchange laws. The case unravelled from there on.Vimpelcom acquired Djezzy last year when it bought the assets of previous owner, Egyptian firm Orascom Telecom .
Under pressure from the Algerian government, Vimpelcom agreed to talks on selling a controlling 51 percent stake in Djezzy to the Algerian state.
However, the decision to impose the $1.25 billion fine soured those talks and prompted Vimpelcom to announce it was going to international arbitration against Algeria.
Orascom Telecom, now a Vimpelcom subsidiary, said earlier this month that El Mahdy, an Egyptian national, was on medical leave. Asked to comment on his no-show in court on Sunday, an Orascom representative said the firm had no immediate comment.
Algerian sources close to the Djezzy case said that ties between Vimpelcom and the Algerian government had worsened after the fine imposed on El Mahdy, saying that Vimpelcom was now studying whether to resort to the international arbitration to resolve the dispute.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

algerian judiciary postpones orascom djezzy appeal to may 6 algerian judiciary postpones orascom djezzy appeal to may 6

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

algerian judiciary postpones orascom djezzy appeal to may 6 algerian judiciary postpones orascom djezzy appeal to may 6

 



GMT 12:48 2016 Sunday ,27 November

Cilic, Dodig push Croatia to brink of Davis Cup

GMT 05:24 2017 Thursday ,28 December

Erdogan says 'terrorist' Assad cannot be part of Syria

GMT 12:59 2016 Saturday ,05 November

WB welcomes economic reforms in Egypt

GMT 18:40 2016 Saturday ,05 November

Egyptian GDRs in London down

GMT 10:57 2017 Wednesday ,06 December

Peru striker Guerrero has doping ban extended

GMT 17:51 2017 Tuesday ,07 March

Trump Signs New Travel Ban on Six Muslim Countries

GMT 10:30 2017 Wednesday ,06 September

Saudi Information Ministry praises media role during Hajj

GMT 15:29 2017 Tuesday ,24 January

Mind games really do help your brain

GMT 06:55 2015 Thursday ,01 October

Boston Red Sox beat Yankees

GMT 08:17 2017 Monday ,28 August

Bahrain celebrates World Humanitarian Day 2017

GMT 02:07 2017 Tuesday ,28 February

Opposition seeks Russian support at Syria talks
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday