Zain Iraq fined by regulator

Telco joins rivals Asiacell and Korek to draw wrath of CMC
Zain and both of its rivals, Asiacell and Korek, have been fined for failing to list shares on the local bourse.
Zain and both of its rivals, Asiacell and Korek, have been fined for failing to list shares on the local bourse.


Zain Iraq will be fined $12,864 a day from September 2011 for failing to list on the country's stock exchange, according to a report from Reuters.

Earlier in the month, it was reported that Zain Iraq’s competitors, Asiacell and Korek, had been hit with fines of $8,500 and $2,500 per day respectively for failing to list their shares on the stock market.

All three operators mandated to list on the local bourse as part of their $1.25 billion operating licences, but all three missed an initial deadline of last August, the Reuters report added.

“The hearing committee was of the view that all operators had enough time, more than four years, to prepare for the IPO, so there's no excuse,” Ahmed Alomary, CMC commissioner, told Reuters.
Zain Iraq landed a bigger fine than its rivals because it had more subscribers, the CMC added.

A second fine of 200 million Iraqi dinars ($172,000) was also issued to Zain for using a new mobile phone number range without the CMC's permission, Reuters reported.

REGISTER NOW | Webinar Event | Security you can bank on – Safeguarding the Middle East’s financial sector

Presented in partnership with security and network specialist Cybereason, the second in the three part webinar series will bring together a panel of experts to discuss how banks and financial institutions are evolving their service offering while simultaneously staying one step ahead of the cyber criminals who seek to bring their operations crashing to the ground.

Editor's Choice

Emerson expands analytics platform for industrial enterprise-level wireless infrastructure management
Plantweb Insight platform adds two new Pervasive Sensing applications that manage wireless networks more efficiently with a singular interface to the enterprise
Digitalisation seen as a competitive advantage by Middle East private businesses
Nearly 80 per cent of private business leaders acknowledge that digitalisation can impact business sustainability
Etisalat introduces Multi-Access Edge Computing architecture delivering best-in-class video streaming performance for 5G networks
MEC architecture achieves performance gains of as much as 90% in video streaming, validating how ultra-low-latency applications will be delivered over 4G and 5G networks

Most popular

Don't Miss a Story