Court keeps freeze on Zain Iraq funds

Telco has appealed against nearly $5bn fines and claims in the past 12 months
Court, Freeze, Funds, Telecoms, Zain Iraq

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An Iraqi court has rejected a request by Zain Iraq to lift a freeze on $187 million it holds in cash at local bank accounts, the telecom operator's parent firm Zain said on Wednesday, Reuters reported.

However, Zain Iraq, which has successfully appealed against nearly $5 billion of fines and claims in the past 12 months, said it will seek to overturn the court decision of the freezing of the $187 million, Zain's statement to Kuwait's stock exchange website.

Zain Iraq's bank balances were frozen as the authorities sought to levy capital gains tax on its $1.2 billion acquisition of Iraqna in 2007. This was later merged with Zain's Iraqi unit Atheer and re-branded Zain Iraq, the report added.

 

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