Weather Investments, the Luxembourg-based company that owns a stake in Orascom Telecom, is seeking $5 billion from the Algerian government for alleged harassment and interference of its Algerian operation, Orascom Telecom Algerie, the Financial Times reported.
Weather Investments lodged the complaint with the International Centre for the Settlement of Investment Dispute (ICSID), which is part of the World Bank, the report said.
Weather Investments claims that Algeria breached its international legal obligations under an investment treaty between Algeria and the Belgo-Luxembourg Economic Union, according to the FT.
The dispute between the government of Algeria and Orascom Telecom Algerie, which operates under the name Djezzy, dates back to 2010, when the Algerian government first expressed an interest in taking control of the telco.
In January 2012, Russia’s VimpelCom, which owns a majority stake in Orascom Telecom, signed a non-binding Memorandum of Understanding with the government of Algeria to explore the sale of its majority stake Djezzy to the Algerian state.