Orascom Algeria CEO questioned by police

Egyptian mobile firm Orascom Telecom said on Wednesday its Algerian unit's chief executive had been called in by police for questioning over allegations the firm violated Algerian foreign exchange rules.

Orascom said it had not violated Algerian law.

"The CEO of OTA (Orascom Telecom Algeria) was called in by the police for investigation on allegations by the Bank of Algeria against OTA that certain technical assistance fees paid to OTH (Orascom Telecom Holding) against certain support services provided by OTH to OTA during 2007, 2008 and 2009 were not made in accordance with the relevant exchange rules (foreign currency offshore transfers' regulations)," the company said in a statement to Egypt's stock exchange.

"The company denies performing in any way that is not in accordance with the Algerian law and the CEO of OTA has submitted and shall further submit clarification to this effect," it said. 

Related Articles

Back to top button