Sawiris mounts new legal challenge against Algerian govt in expropriation case over Djezzy

News Wireless Algeria 18 OKT 2017
Sawiris mounts new legal challenge against Algerian govt in expropriation case over Djezzy

Egyptian magnate Naguib Sawiris' holding company Orascom TMT Investments (OTMTI) has decided to challenge the ruling issued by the International Centre for the Settlement of Investment Disputes (ICSID), which in June dismissed its multi-billion claim against the Algerian state for reducing the value of mobile operator Djezzy. Following the verdict from the ICSID arbitration tribunal, OTMTI submitted a petition for annulment to the ICSID on 28 September, advised by international law firm White & Case LLP.

The Orascom group believes that it has suffered losses amounting to EUR 5 billion from the actions taken by the Algerian government since the start of their dispute, said the company. 

Categories:

Mobile

Companies:

Djezzy,  Orascom Telecom

Countries:

Algeria

Tags:

Wireless, Legislation - Lawsuits

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