Reuters: Mergers News: Orascom says it will appeal Algeria court rulings

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Orascom says it will appeal Algeria court rulings Mar 28th 2012, 13:02 CAIRO, March 28 | Wed Mar 28, 2012 9:02am EDT CAIRO, March 28 (Reuters) - 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. "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.

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