Algeria : Vimpelcom's Subsidiary Submits Formal Notice Of Arbitration Against The Algerian Government [TendersInfo (India)]

(TendersInfo (India) Via Acquire Media NewsEdge) VimpelCom Ltd , a leading global provider of telecommunications services, announces that earlier today its subsidiary, Orascom Telecom Holding S.A.E. ( OTH ), submitted a formal Notice of Arbitration against the government of the People s Democratic Republic of Algeria in respect of actions taken by the Algerian government against Orascom Telecom Algerie ( OTA ). The claim in the Notice of Arbitration is being made under the arbitration rules of the United Nations Commission on International Trade Law.

In its Notice of Arbitration, OTH asserts that since 2008 its rights under the Agreement on the Promotion and Reciprocal Protection of Investments between Egypt and Algeria have been violated by actions taken by the Algerian government against OTA, including the recent court judgment against OTA and a member of its senior executive team imposing a total fine of 99 billion Algerian Dinar (approximately USD 1.3 billion) and a criminal sentence against a member of OTA s senior executive team.

VimpelCom continues to be open to finding an amicable resolution with the Algerian government that is mutually beneficial to both parties.

OTA is 96.8% owned by OTH, which, in turn, is 51.9% owned by VimpelCom.

(c) 2012 Euclid Infotech Pvt. Ltd. Provided by Syndigate.info an Albawaba.com company

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