Cairo, March 28, 2012: Orascom Telecom Holding S.A.E. ("OTH" or the "Company") announces that earlier today the Algerian Court of first instance handed down a judgment against OTH's subsidiary in Algeria, Orascom Telecom Algeria (“OTA”), and a member of OTA's senior executive team in connection with the so-called "Bank of Algeria" case. The judgment consists of fines of 99 billion Algerian Dinar (approximately USD 1.3 Billion) including a criminal sentence against a member of OTA's senior executive team. The judgment relates to a previously disclosed claim brought in 2010 by the Algerian authorities alleging breaches of foreign exchange regulations.
OTA To Appeal Judgment In Algeria