Zain sued for $4.5bn over Iraqna acquisition

April 22, 2014 12:45 pm

Kuwait’s telecoms operator, Zain has said it is being sued for $4.5bn over its 2007 acquisition of an Iraqi telecom firm, Reuters has reported. Zain bought Iraqna for $1.2bn from Orascom Telecom in December 2007, after the Egyptian firm dropped out of the running for a long-term mobile licence in Iraq. Zain said that a company it declined to identify filed a lawsuit last August. This claims Zain’s takeover had stopped the firm buying Iraqna, causing it losses of $4.5bn. The unnamed firm is also suing Zain and Iraq’s telecoms regulator, the Communications and Media Commission (CMC), jointly for a further $1bn, Zain said.