Algeria Demands Settlement of Debts and Taxes Before Djezzy Sale

Published on: 1st Jan 1970: 1:33am

The Algerian government will only complete its planned buyout of Orascom Telecom's local subsidiary, Djezzy after Orascom settles its debts and pays back its taxes, the Algerian newspaper El-Khabar has reported, citing Prime Minister Ahmed Ouyahia.

"Orascom Telecom will have to pay $230 million in debts as well as $190 million in fines for [alleged] illegal money transfers," the paper reports citing statements made by Ouyahia in the Parliament.

"We do not recognize any partner other than Orascom which whom we have signed a deal," the paper added the Prime Minister as saying, in reference to the recently announced deal between Naguib Sawiris's Weather Investments and Russia's VimpelCom. The Russian firm said earlier this month that it would consider selling Djezzy to Algeria, but only after it has acquired control of the parent firm.

"The Egyptian group has also to settle bankruptcy issue of its land line unit Lacom whose Algeria employees claim compensation rights," the paper added.

On the web: El-Khabar

 

Tags: [orascom telecom]  [vimpelcom]  [weather investments]  [djezzy]  [telecom]  [Algeria]