An Algerian court fined the CEO of Vimpelcom’s local mobile phone unit Djezzy 93 billion dinars ($1.3 billion) on Wednesday in a fraud case that could also carry a prison sentence.
The court ruled against Djezzy in a case in which the Algerian central bank accused the company of making false statements regarding the import of services.
The court delayed its final criminal sentencing for two weeks.
From the company’s side, Orascom Telecom said it would appeal against fines of around $1.3 billion meted out by an Algerian court on Wednesday against its local mobile subsidiary and a criminal sentence handed down to one of its executives, as Reuters stated
“The judgment relates to a previously disclosed claim brought in 2010 by the Algerian authorities alleging breaches of foreign exchange regulations,” Orascom said in a statement.
It said the subsidiary, OTA, and the senior executive in Algeria had acted in compliance with the law and that the lodging of the appeal would suspend the judgment for the time being.