Reuters: Mergers News: Algerian court fines Djezzy CEO $1.25 bln -source

Reuters: Mergers News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Algerian court fines Djezzy CEO $1.25 bln -source Mar 28th 2012, 13:20 ALGIERS, March 28 | Wed Mar 28, 2012 9:20am EDT ALGIERS, March 28 (Reuters) - 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, a judicial source said. 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 source said. The court delayed its final criminal sentencing for two weeks, the source said. Orascom Telecom said it would appeal against the fines. Russian-focused Vimpelcom bought a controlling stake in Orascom last year but has been embroiled in a dispute with the Algerian government over control of the local Djezzy subsidiary that was part of the deal.

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions