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Algerian court fines Russian mobile operator's subsidiary $1.3 bln

09:59 29/03/2012

MOSCOW, March 29 - RAPSI. An Algerian court has fined Orascom Telecom Algerie (operates as Djezzy), a subsidiary of Russia's third largest mobile services provider Vimpelcom Ltd., OTA reported on its website.

The case was opened over violations of the foreign currency exchange regulations in 2010.

Djezzy plans to appeal the judgment and expects it to be suspended until the appeal is considered. According to the company report, its management, which is being prosecuted, acted lawfully.

Algerian authorities earlier voiced an intent to nationalize the company estimated by Vimpelcom at $7-8 billion. The company received tax claims on many occasions.

The government contemplates purchasing from Vimpelcom 51 percent stake in Djezzy and the parties executed the relevant memorandum at the beginning of the year.

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Algerian court fines Russian mobile operator's subsidiary $1.3 bln

09:59 29/03/2012 An Algerian court has fined Orascom Telecom Algerie (operates as Djezzy), a subsidiary of Russia's third largest mobile services provider Vimpelcom Ltd.
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