Iraqi Court Rejects Compensation Claim Against Zain for 4.5 Billion Dollars
|July 11, 2014||Filled under Iraq Business News|
Iraqi Business News -
Zain Kuwait said on Thursday that an Iraqi court has rejected a lawsuit worth $ 4.5 billion against the unity of Iraq, while suggesting that she would seek to end the receivership imposed on some of its revenue.
Zain said in a statement seen by Agency / JD /: The applicant company without revealing its name demanded compensation also of Communications and Media Commission of Iraq, but the court dismissed the case against the right of Zain Iraq and the body, noting that the verdict is subject to appeal within fifteen days from the date.
Zain explained in a statement that the company will bid to lift these restrictions, noting that she’s largest mobile phone companies in Iraq in terms of the number of subscribers.
It is noteworthy that the Iraqi court ruled in January to impose judicial guard on revenue earned by Zain Iraq subscribers who were transferred to it after the acquisition of Iraqna and deposited in the Iraqi bank pending in the case.
In an earlier statement confirmed Zine filed a lawsuit on the unity of the Iraqi relate purchased Iraqna competition for $ 1.2 billion of Orascom Telecom in Egypt in 2007.
The number of subscribers Iraqna about three million subscribers as the acquisition of Zain Iraq, while the latter contributed by 40 percent of the revenues of its parent company in the first quarter.
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