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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




Tags: Telecom | fine | Algeria | Orascom |

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