May 28 (Bloomberg) -- Orascom Telecom Holding SAE said its Algerian unit is taking steps to file an appeal with Algeria’s Supreme Court after a lower court upheld a $1.3 billion fine for violating foreign exchange regulations.
“Orascom Telecom Algerie maintains that Orascom Telecom Algerie and its senior executive have acted in compliance with the law and Orascom Telecom Algerie is taking the necessary steps to file an appeal with the Algerian Supreme Court,” the company said in a statement distributed via the Regulatory News Service. “The lodging of the appeal will provisionally suspend the judgment.”
Algerian Court of Appeal confirmed the judgment handed down by the Algerian Court of First Instance on March 28 against the unit that operates under Djezzy brandname. The Algiers court suspended a two-year sentence against the Chief Executive Officer of Djezzy, Tamer El Mahdi, and asked the company to pay a fine of 6 billion dinars ($79 million) on his behalf.
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