Reuters: Regulatory News: Vimpelcom seeks arbitration against Algeria over fine

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Vimpelcom seeks arbitration against Algeria over fine Apr 12th 2012, 15:38 April 12 | Thu Apr 12, 2012 11:38am EDT April 12 (Reuters) - Russia-focused telecoms firm Vimpelcom said its subsidiary Orascom has submitted a formal notice of arbitration against the Algerian government, escalating a disagreement between the parties over a $1.3 billion fine. Vimpelcom took over Algerian mobile firm Djezzy as part of a $6 billion deal last year to acquire the assets of Egyptian firm Orascom, but since then the unit has effectively been in limbo as Algeria would prefer to nationalise it. A court imposed the fine on Djezzy after ruling it made false statements to the Algerian central bank. Vimpelcom said in a statement that it continued to be open to finding an amicable resolution.

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