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Zain sued for USD 4.5 bln in damages over Iraqna deal

2014-04-21 10:59:00| Telecompaper Headlines

(Telecompaper) Mobile operator Zain is being sued for USD 4.5 billion over its 2007 acquisition of an Iraqi telecom operator. Zain bought Iraqna for USD 1.2 billion from Orascom Telecom in December 2007 after the Egyptian firm dropped out of the running for a long-term mobile licence in Iraq. The Kuwaiti firm then merged its Iraqi unit, Atheer, with Iraqna and renamed the entity Zain Iraq, which is now the country's biggest operator by subscribers. Zain said in statement to the stock market 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 USD 4.5 billion, Reuters reports. Zain said it believes its position in the case is strong as the claimant company has failed to produce any evidence to back its claim. The anonymous company is also suing Zain and Iraq's Communications and Media Commission jointly for a further USD 1 billion, the statement said. An Iraqi court in January ruled that all Zain Iraq's revenue from its subscriber base transferred to the company as a result of the Iraqna acquisition should be placed under a legal guardian and in an Iraqi bank until the case is resolved. Zain said it unsuccessfully appealed this decision.

Tags: over deal usd damages

Zain wins Jordan 4G spectrum

2014-04-17 02:00:00| Total Telecom industry news

Operator pays 145 million for frequencies; plans to launch services by the end of the year.

Tags: jordan spectrum wins zain

Zain targets North Africa acquisitions

2014-03-05 01:00:00| Total Telecom industry news

Kuwaiti telco on the lookout for data centres, fibre networks and even content players as part of a plan to become an integrated services provider.

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Zain Saudi Arabia Selects AIRCOM International for Improved Network Planning

2013-12-29 06:00:00| Industrial Newsroom - All News for Today

Leatherhead, UK – AIRCOM International, the leading independent network planning and optimisation software and solutions provider, today announced that Zain Saudi Arabia (KSA), part of the Zain Group - a leading telecoms operator across the Middle East and Africa, has deployed several AIRCOM solutions in order to improve its network planning.<br /> <br /> AIRCOM was chosen following a competitive RFP from which Zain KSA was looking for the ideal partner, with the relevant toolkit, to ...This story is related to the following:Planning Software |

Tags: international network planning improved