Zain Iraq has Bank Funds Seized for Unpaid Fine

By John Lee.

Zain Iraq has had its funds seized in all Iraqi banks until it pays a $262 million fine for selling 5 million SIM cards without permission, Bloomberg reports.

“We have warned them to pay the fine,” Ahmad al-Omari, a member of the Communications and Media Commission’s trustee board, told the news agency. “This procedure has been carried out as a punishment.”

In February of last year, the Commission imposed the fine and gave the company three months to pay. Its chief executive, Emad Makiya, told Reuters it would appeal the fine.

(Source: Reuters)

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