Orascom to contest Djezzy fine ruling
Egypt’s Orascom Telecom says it plans to go to the Supreme Court over the Algerian Court of Appeal’s dismissal of an appeal to overturn a judgement fining the company USD1.3 billion.
The fine was imposed in 2010 against the company’s Algerian subsidiary, Orascom Telecom Algeria (OTA), trading as Djezzy, for alleged contravention of foreign exchange regulations.
OTA said it had been ordered by the court to pay the full fine amount. However, it was taking steps to file an appeal with the Algerian Supreme Court.
A criminal custodial sentence against a member of Djezzy's senior executive team has been suspended.