| Kippreport.com

Orasom Telecom says court upholds fine on Algerian unit

May 28, 2012 5:32 by Reuters

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 judgement against Orasom Telecom Algerie (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.

Tags: Algerian unit, Cairo, fines, Jail sentence, Orasom Telecom, suspension of senior executive team member