Cairo, May 28, 2012: Orascom Telecom Holding S.A.E. ("OTH") announces that yesterday evening; the Algerian Court of Appeal confirmed the judgment handed down by the Algerian Court of First Instance on 28 March 2012 against OTH's subsidiary in Algeria, Orascom Telecom Algerie ("OTA") which consisted of fines of 99 billion Algerian dinars (approximately USD 1.3 billion). In a welcome development, the criminal custodial sentence previously ordered against a member of OTA's senior executive team has been suspended. However, OTA has been ordered to pay the whole amount of the fines.
Algerian Court of Appeal Confirms Judgment but Sentence Against OTA's Senior Executive Suspended