Orascom Telecom has had no official tax claim from Algeria
By Shereen El Gazzar, contributing to Dow Jones Newswires
Algerian press reported local telco could receive bill for over $250 million.
Orascom Telecom Holding said Tuesday it hasn’t received any official requests from the Algerian government to pay a $250 million tax claim for 2008 and 2009.
“Orascom Telecom Algeria didn’t receive any official demands from the Algerian authorities regarding this matter,” Orascom Telecom said in a statement on the stock market’s website.
Algerian newspaper Echorouk has reported that the Algerian government may send Orascom a tax bill that could be more than $250 million for the years 2008 and 2009.
In November, Algerian authorities slapped Orascom Telecom with a $600 million tax claim and penalties for fiscal years 2004 to 2007, even though the company has said it was tax exempt until mid-2007.
Algeria’s government said last week it was opposing a deal under which South Africa’s MTN Group Ltd. would acquire Orascom Telecom’s Algerian unit Djezzy.
Orascom Telecom Chairman Naguib Sawiris asked the Egyptian foreign minister to arrange a meeting with Algeria’s prime minister and relevant ministers in the country to clarify the issues raised by the Algerian authorities.
Orascom Telecom Chief Executive Khaled Bishara told Dow Jones Newswires Monday he still hasn’t got an appointment with Algerian government officials.
Orascom Telecom’s shares closed Tuesday flat at EGP6.75 in a slightly positive market.
Source: Total Telecom
