Sawiris Sues Algeria to Compensate Losses Hit Djezzy Due to Tax Correction

Egyptian tycoon Naguib Sawiris, Chairman of Orascom Telecom Media & Technology Holding (OTMT.CA), has filed a suit against Algerian Government demanding financial compensation to offset losses that hit its business in Algeria Orascom Telecom Algérie (OTA), namely Djezzy, MENA reported.

Those losses were caused by tax correction amounting to $ 960 million for the years between 2004-2009, which Sawiris described by unfair.