Cairo – Mubasher: Egyptian businessman Naguib Sawiris is looking to annul the newest ruling by the International Centre for the Settlement of Investment Disputes (ICSID) in a dispute with the Algerian government, Developing Telecoms website reported.

Sawiris launched an official appeal on 28 September 2017 to annul the June ruling, after the ICSID ruled in favour of the Algerian government. The business mogul is seeking compensation of $4 billion.

“Sawiris claims unlawful and arbitrary actions were taken by the Algerian Government against Orascom’s operating company in Algeria, Djezzy, over a number of years,” the website said.

These unlawful actions have resulted in the sale of much of Orascom and its investments, including Algeria-based Djezzy, to Russia’s VimpelCom, currently known as Veon.

In June, Sawiris’ OTMT Investment, which is subject to Luxembourg’s laws, lost a case against the Algerian government regarding telecom operator Djezzy.

The case dates back to 2011 when Algeria decided to repurchase the company from Orascom.

Earlier in 2017, the ICSID arbitrary tribunal dismissed “the claims as inadmissible under the investment treaty,” according to Developing Telecoms.

Since 2008, a number of disputes arose between Orascom’s unit and the Algerian government after the latter accused Djezzy of breaching foreign exchange regulations and imposed a $1.3 billion fine.

“Orascom Group claims to have suffered losses amounting to €5 billion from the actions taken by the Algerian Government,” the website added.