Algeria court confirms fine on Orasom Telecom
Cairo, May 28, 2012
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 Orasom 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. - Reuters