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’.
Subscribe to CommsUpdate to get the day’s top telecom headlines delivered to your email.
Have feedback, corrections, or story ideas? Send them to email@example.com.
Browse Past Issues
Filter CommsUpdate by the following categories or use the search.
Visit our help page information on performing advanced searches, including how to restrict the results by country or company.
CommsUpdate is an outstanding advertising venue for companies seeking to reach:
- International carriers
- Wholesale service providers
- Equipment and software vendors
- Telecom investors