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 judgment against Orasom Telecom Algeria (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.
Last Updated: Mon May 28, 2012 18:53 pm (KSA) 15:53 pm (GMT)
Orascom Telecom says court upholds fine on Algerian unit
Monday, 28 May 2012
Court of appeal confirmed a judgment against Orascom Telecom Algeria that consisted of fines of 99 billion Algerian dinars, worth about $1.3 billion. (File photo)
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