Arab Today, arab today algeria\s orascom loses appeal against 13bn fine
Last Updated : GMT 18:50:38
Arab Today, arab today
Arab Today, arab today

Djezzy to take case to Supreme Court

Algeria\'s Orascom loses appeal against $1.3bn fine

Arab Today, arab today

Arab Today, arab today Algeria\'s Orascom loses appeal against $1.3bn fine

Orascom Telecom
Algiers - Agencies

Orascom Telecom Orascom Telecom has announced that Algeria’s court of appeal has dismissed its claim to overturn an earlier judgement which imposed fines totalling DZD99 billion ($1.3 billion) on its local subsidiary Orascom Telecom Algeria (OTA), which trades under the Djezzy brand. Orascom says it will now take its case to the country’s Supreme Court. A related criminal case against a Djezzy executive has, however, been dropped after the appeal review.
The fines against Djezzy were imposed by the government in 2010 for alleged breaches of foreign exchange regulations. The case further complicates the already strained relationship between Orascom’s parent company, Russian firm Vimpelcom, and authorities in Algiers. Throughout 2010 Djezzy and the Algerian government were embroiled in a bitter legal dispute, ostensibly over the payment of back taxes. However, the real issue was the government’s attempt to derail Vimpelcom’s pending acquisition of Djezzy shareholder Orascom Telecom Holding (OTH). In September 2010 Vimpelcom agreed to merge its telecoms assets with those of OTH, including its Algerian arm, in a transaction valued at $6.5 billion. The Algerian government, unhappy at the move, attempted to block the deal since, according to the terms of legislation passed in 2009, Algiers was supposed to have first refusal over Djezzy if Orascom ever opted to sell the lucrative mobile unit.
In October 2010 Vimpelcom conceded that it was happy to sell part of the OTH stake in Djezzy, but only if the Algerian government was willing to match its $7.8 billion valuation – more than the Russian firm had eventually paid for the collective telecoms assets of OTH. Eventually, in January 2012, Vimpelcom signed a memorandum of understanding for the sale of a 51 percent stake in Djezzy to the Algerian state. Terms and conditions have yet to be finalised, and the latest developments will have done nothing to ease the negotiations.

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*

Arab Today, arab today algeria\s orascom loses appeal against 13bn fine Arab Today, arab today algeria\s orascom loses appeal against 13bn fine

 



Arab Today, arab today
Arab Today, arab today Ideen Belmahdy happy to be part of “ Fashion Star”

GMT 17:00 2017 Sunday ,26 February

Ideen Belmahdy happy to be part of “ Fashion Star”
Arab Today, arab today Tourist guide explains types of tourism

GMT 18:28 2017 Saturday ,25 February

Tourist guide explains types of tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars

GMT 12:38 2017 Thursday ,23 February

Lower fares hit Qantas first half profit

GMT 10:57 2017 Thursday ,23 February

Chief executive out at Paramount Pictures

GMT 07:26 2017 Thursday ,23 February

A peek inside Qatar's 'gas capital of the world'

GMT 11:26 2017 Wednesday ,22 February

Dutch corporate takeover defences tough to breach

GMT 11:14 2017 Wednesday ,22 February

Lloyds Banking Group posts surging profits

GMT 10:01 2017 Tuesday ,21 February

Egypt pound rebounds from flotation slide

GMT 09:57 2017 Tuesday ,21 February

Greece agrees to bailout reforms compromise
View News in Arabic - Business: أخبار الأعمال
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Ola Ghanem hopes to work with M.Ramadan

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 13:47 2017 Friday ,24 February

Rabia Fatima reveals role of "Facebook" in her career

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre
Arab Today, arab today
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
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday