Zain sued for USD4.5bn over 2007 Iraq deal

22 Apr 2014

Zain is being sued for USD4.5 billion over its 2007 acquisition of Iraqi mobile operator Iraqna, Reuters reports, citing a statement released by the Kuwaiti bourse on Sunday. Zain bought Iraqna from Orascom Telecom for USD1.2 billion in December 2007 after the Egyptian firm failed to secure an official mobile licence that year. The claimant, which remains unnamed, has alleged that Zain’s takeover stopped it buying Iraqna, causing it losses of USD4.5 billion. The anonymous company is also suing Zain and Iraq’s telecom regulator, the Communications and Media Commission (CMC), jointly for a further USD1 billion, the statement said. For its part, the Kuwaiti group commented: ‘Zain Iraq believes its position in the case is strong as the claimant company has failed until now to produce any evidence to back its claim’.

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