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Cairo-based Orascom Telecom Holding (OTH) (ORTE.CA) said on Monday that an Algerian court had confirmed fines against its Algerian subsidiary but had suspended a jail sentence on a member of the unit’s senior executive team.
It said the court of appeal confirmed a judgement against Orasom Telecom Algerie (OTA) that consisted of fines of 99 billion Algerian dinars, worth about $1.3 billion.
“The criminal custodial sentence previously ordered against a member of OTA’s senior executive team has been suspended. However, OTA has been ordered to pay the whole amount of the fines,” it said in a statement. OTA says its executive complied with the law.
This news has been reported by Reuters.
