Compensation Suit Against Zain Iraq Worth 4.5 Billion Dollars
|April 21, 2014||Filled under Iraq Business News|
Iraq Business News –
Zain Iraq said in a statement today that he is being sued by Zain of Kuwait for compensation worth 4.5 billion dollars through its acquisition in 2007, the Iraqi communications, according to the sentiments, Sunday, Bazenz Arabian newspaper site.
The Zain had bought Iraqna for $1.2 billion dollars from Orascom Telecom Egypt in December of 2007 after the abdication of the listed company for the Iraqi market for mobile license and then merged the two companies through my company was raised and Iraqna were designation firm Zain Iraq, which is considered one of the major companies in the field of telecommunications in Iraq.
Zain said in a statement that they declined to identify the litigation against it last August, which claimed where they stopped buying Iraqna which led to losses estimated at 4.5 billion dollars.
The statement said that the company has set up anonymous lawsuit also filed a lawsuit against the telecommunications sector in Iraq, the media and communications Iraqi joint compensation amounting to a billion dollars.
Zain said its position in the case is strong and the company claim so far failed to prove any evidence to support its claims is worth mentioning that Zain has 15.9 million subscribers in Iraq until the end of 2013 while the annual profit of $360.9 million.
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