MOSCOW, May 29 - RAPSI. Orascom Telecom Algerie (OTA), Orascom Telecom Holdings SAE (OTH) subsidiary, is determined to appeal the $1.3 billion fine in the Algerian Supreme Court, reads the companys statement.
An investigation into the criminal case involving the company's management is in process. The head of the company, Tamer El Mahdi, was previously sentenced to two years and fined $79 million, but the court has postponed the execution of the sentence.
Orascom Telecom Algeria claims that the company and its CEO did not violate the law and intends to submit an appeal to the Algerian Supreme Court.
The case against OTA was filed over violations of foreign currency exchange regulations in 2010. The company was fined $1.3 billion.
Algerian authorities have expressed their intent to nationalize the company, which has been estimated by VimpelCom at $7-8 billion.
OTA is 96.8% owned by Orascom Telecom Holdings SAE, which, in turn, is 51.9 % owned by VimpelCom.
Orascom Telecom Algerie is one of Wind Telecom's largest assets, a company which VimpelCom acquired in April 2011. This was the largest transaction ever made on the Russian telecommunication market and made VimpelCom the world's sixth largest cell phone operator in terms of user numbers.