Zain to Fight Fine as some Bank Assets Frozen

Kuwaiti telecom operator Zain will continue its fight against a substantial fine imposed on its Iraq operations despite some of the unit’s bank accounts being frozen.

Zain Iraq, the country’s number one mobile operator with an estimated 53 percent market share, was hit with the fine of $262 million in February 2011 for putting 5 million SIM cards in the local market without permission.

The company told Reuters:

Some Iraqi bank accounts pertaining to Zain Iraq have been frozen, however we are expecting some positive news regarding this soon … Our official position is that we are not liable at all for this fine.

The company declined to disclose the value of the funds frozen.

(Source: Reuters)

(Picture: HQ of the Communications and Media Commission)

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