ZAIN
ZAIN
ZAIN
Zain Iraq announced in a statement to the Kuwait Stock Exchange (KSE) that the Company officially received on Tuesday the decision regarding its appeal against Communications and Media Commission of Iraq (CMC).
The body issuing the appeal decided in its session held on December 7 to overturn the decision of CMC Executive General Manager to impose a fine amounting to $85 million on Zain. The body said that the fine violated Iraqi laws and regulations.
Earlier, Al-Kharafi Group Executive Committee member and Deputy Chairman, Bader Nasser Al-Kharafi confirmed that Zain Iraq enjoys a clear position in the law suit filed against it by CMC.
In late October, an Iraqi court has issued a verdict which obligates Zain Iraq to pay around $85 million retroactively for the use of microwave frequencies during the period from 2007 until the end of December 2013.
Photo Credit: Arabianeye-Reuters
The body issuing the appeal decided in its session held on December 7 to overturn the decision of CMC Executive General Manager to impose a fine amounting to $85 million on Zain. The body said that the fine violated Iraqi laws and regulations.
Earlier, Al-Kharafi Group Executive Committee member and Deputy Chairman, Bader Nasser Al-Kharafi confirmed that Zain Iraq enjoys a clear position in the law suit filed against it by CMC.
In late October, an Iraqi court has issued a verdict which obligates Zain Iraq to pay around $85 million retroactively for the use of microwave frequencies during the period from 2007 until the end of December 2013.
Photo Credit: Arabianeye-Reuters
Source:
Mubasher
