Arab Today, arab today egypt telecom to sue algeria seeks international support
Last Updated : GMT 21:25:08
Arab Today, arab today
Arab Today, arab today

Government company wants $68m in compensation

Egypt Telecom to sue Algeria, seeks international support

Arab Today, arab today

Arab Today, arab today Egypt Telecom to sue Algeria, seeks international support

Egypt has invested around $6bn in Algeria
Algiers - Hocine Bousalah

Egypt has invested around $6bn in Algeria Goverment-owned Egypt Telecom is set to sue Algeria in a bid to recover 454 million Egyptian Pounds [$68.7m], CEO Mohammed el-Nawawy has said, adding that his company may also seek international arbitration in the conflict.Egyptian prosecutors received a report from the country's Central Auditing Organisation [CAO] on Saturday, which cited Egypt Telecom for misuse of public funds to the tune of 10 billion Egyptian Pounds [$1.5bn].
The report said that Egypt Telecom "squandered and lost" 450 million Egyptian Pounds on an enterprise project in Algeria. It added that Egypt Telecom did not specify who was responsible for the investment to run the project in Algeria, which lost a billion pounds in total, of which the Egyptian company recovered 454 million.
In a statement to the Egyptian Exchange on Monday, Egypt Telecom said it was "acting to secure its rights and is currently following voluntary liquidation procedures in addition to studying the legal feasibility of seeking international arbitration."
The dispute between the Egyptian company and its Algerian partners began the Egypt Telecom branch in Algeria was targeted in violence after the two countries played a football World Cup qualifier in 2009. Egyptian Telecom executives said Algeria refused to compensate the company.
Egyptians have invested around $6bn in Algeria, making the Maghreb state Egypt's largest external market. Algeria invests $50m in Egypt.

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*

Arab Today, arab today egypt telecom to sue algeria seeks international support Arab Today, arab today egypt telecom to sue algeria seeks international support

 



Arab Today, arab today

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 egypt telecom to sue algeria seeks international support Arab Today, arab today egypt telecom to sue algeria seeks international support

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel
View News in Arabic - Business: أخبار الأعمال
Arab Today, arab today
Arab Today, arab today
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