Freezing of funds "Zain" in Iraq

Carrello · September 5, 2012

The Company (Zain), the largest telecom operator in Iraq

BAGHDAD

2012-09-04

Frozen Communications and Media Commission of Iraq funds "Zain Mobile Telecommunications" Kuwait in Iraqi banks because of the delay in the payment of fines owed more than $ 162 million, as reported by the official agency AFP.

Said Ahmed Amri, a member Board of Trustees of the Commission told AFP that "the Telecommunications Authority booked Zain funds in Iraqi banks through the book we gave to the Central Bank, which has in turn circulate it to the rest of the Iraqi banks."

He added that "It's about unpaid fines of more than $ 162 million, but the company claims it has paid." He stressed that "the Commission is still discussing the subject with the company and we got to the final stages and the company officials responsive and informed us that they are willing to pay fines."

For its part, the company said in a statement received by AFP a copy of it as "the permanent contact and coordination with the regulatory and supervisory authorities, as the talks are still continuing in this regard."

The statement added, "As for the information relating to freeze some bank balances Iraqi special company Zain Iraq, and the impact of this decision on the company, which was not based on any judgment, the Zain Iraq was and still deal with such decisions a lot of deliberation and maximum professional."

She "Reaffirming the company's conviction safety legal position, they are looking forward to a new resolution in the near future from the Iraqi authorities, who hopes to be a positive decision in favor of Zain Iraq." Zain Iraq is the largest telecom operator in Iraq along with two ACL and Cork.

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