Iraqi court dismisses USD4.5bn lawsuit against Zain

11 Jul 2014

An Iraqi court has dismissed the USD4.5 billion lawsuit against Zain Iraq, Reuters reports, citing a statement by its Kuwaiti parent to the local bourse. In April this year Zain Group revealed that its Iraqi unit was being sued over the UISD1.2 billion acquisition of rival operator Iraqna from Egypt’s Orascom Telecom in 2007. The unidentified company behind the lawsuit also sought damages from Iraq’s telecom regulator, the Communications and Media Commission (CMC), but both claims have now been thrown out. As the legal process unfolded, the portion of Zain Iraq’s revenue generated by subscribers inherited through the Iraqna takeover was placed under a legal guardian until the case’s resolution. Zain will now apply to get these restrictions removed, the statement added.

Iraq,Zain Group, Zain Iraq,



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