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$4.5bn case against Zain Iraq dismissed

: Saturday, July 12 - 2014 @ 00:04

Kuwaiti telecoms operator, Zain has announced an Iraqi court has dismissed a $4.5bn lawsuit Zain Iraq, which will now seek to get a freeze on some of its earnings removed, Reuters has reported. Last April, Zain said its Iraqi unit was being sued over the $1.2bn acquisition of rival operator Iraqna from Egypt’s Orascom Telecom in 2007. An Iraqi court in January ordered Zain Iraq’s revenue from subscribers obtained through buying Iraqna to be placed under a legal guardian and in an Iraqi bank until the case was resolved.

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Saturday, July 12- 2014 @ 0:04 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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