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FINANCIAL NEWS
Zain Iraq continues to fight fine despite accounts frozen
05 Sep 2012
(MENAFN) Telecom operator Zain Iraq vowed to resist a USD262 million fine imposed on its Iraq operations despite some of the unit’s bank accounts being frozen, Reuters reported.
In February last year, Iraqi authorities have imposed the fine on the company, which is a unit of Kuwaiti telecom operator Zain, for releasing 5 million SIM cards in the local market without permission.
Zain Iraq has been fighting the decision for 18 months, resulting in increasing the fine by the Communications and Media Commission (CMC).
Zain gained 35 percent of its total revenue last year from its Iraqi unit’s 12.4 million subscribers, according to the company’s annual report.
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