Iraq to Fine Asiacell, Korek for Failing to List

Iraq's communications regulator has decided to fine mobile phone operator Asiacell $8,500 per day since September 1, 2011 for failing to list on the local stock exchange, according to a report from Reuters.

Ahmed Alomary, commissioner of Iraq's Communications and Media Commission (CMC), also told the agency that the regulator had also decided to fine Korek $2,500 per day.

Asiacell, Korek and Zain Iraq are all required to list on the local stock exchange, but missed the initial deadline of August 2011.

Zain has invested about $20 million in its efforts to list on the local bourse.

(Source: Reuters)

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