Tag Archives | Iraqna

Zain to pay $94m to settle Iraqna Tax Case

By John Lee. Reuters reports that Zain Iraq is to pay $94 million to settle a tax case related to the 2007 acquisition of rival operator Iraqna from Egypt’s Orascom Telecom. Iraq’s General Commission of Taxes (GCT) claimed Zain Iraq owed $187 million in capital gains tax due on its $1.2 billion purchase of the […]

Court finds against Zain in $187m Tax Ruling

By John Lee. Reuters reports that an Iraqi appeals court has upheld a ruling that mobile phone operator Zain Iraq must pay a $187-million tax bill related to the acquisition of a rival Iraqna from Egypt’s Orascom Telecom in 2007. Unusually, says the report, the government tried to levy capital gains┬átax worth $187 million on […]

Court Dismisses $4.5bn Claim Against Zain

By John Lee. An Iraqi court has reportedly rejected a $4.5-billion (5.4 trillion Iraqi dinar) lawsuit against Zain. The case centers around Zain’s $1.2-billion acquisition of Iraqna from Egypt’s Orascom Telecom in December 2007, after the Egyptian company dropped out of the running for a long-term mobile licence. According to Reuters, the Kuwaiti firm then […]

Zain Iraq Revenues Unfrozen

By John Lee. Kuwait’s Zain Group has announced that an Iraqi court has lifted a freeze on future revenue of Zain Iraq. But the company added that previously frozen revenues remain blocked, after a $4.5 billion lawsuit against the Iraqi firm was dismissed this month. In April, we reported that Zain was being sued for […]

Zain Sued for $4.5bn over Iraq Deal

By John Lee. Reuters┬áreports that mobile phone company Zain is being sued for $4.5 billion over its 2007 acquisition of Iraqi telecom operator Iraqna. The company bought Iraqna for $1.2 billion from Egypt’s Orascom Telecom after it dropped out of the running for a long-term mobile licence in Iraq. According to Reuters, the Kuwaiti firm […]