Iraqi court upholds USD187 million freeze decision on Zain Iraq
An appeals court in Iraq has upheld the decision to freeze USD187 million (QAR681 million) of Zain Group’s [ZAIN.KW] subsidiary in Iraq, Zain Iraq’s cash balance. The freeze comes as the Iraqi Tax Authority sought a capital gain tax on the USD1.2 billion (QAR4.4 billion) acquisition of Iraqna in 2007. According to a company disclosure, the company has the right to appeal the decision at the cassation court within 30 days, and the company will offer an appeal within the coming days. (Zawya)
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