International telecoms group Vimpelcom has announced that its subsidiary, Orascom Telecom Holding (OTH), has submitted a formal Notice of Arbitration against the Algerian government in respect of actions taken by Algiers against its cellular unit Orascom Telecom Algerie (OTA or Djezzy). The claim in the Notice of Arbitration is being made under the arbitration rules of the United Nations (UN) commission on International Trade Law. OTH asserts that since 2008 its rights under the ‘Agreement on the Promotion and Reciprocal Protection of Investments between Egypt and Algeria’ have been violated by actions taken by the Algerian government against OTA, including the recent court judgment against OTA and a member of its senior executive team imposing a total fine of DZD99.0 billion (USD1.33 billion) and a criminal sentence against a member of OTA’s senior executive team
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OVETEL Vimpelcom confirms Orascom arbitration against Algiers
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