Bloomberg – Orange Pushed From Iraq as Regulator Takes Mobile Unit Stake

File photo (CC0 Public Domain)

Iraq’s Communications and Media Commission has stripped France’s Orange SA and Kuwaiti company Agility Public Warehousing Co. of their jointly owned 44% stake in wireless operator Korek, according to Bloomberg. The stake has been transferred to three local investors, including Sirwan Barzani, Korek’s managing director and a nephew of the Kurdish region’s former president Massoud Barzani. Orange and Agility invested $810 million in Korek in 2011, but legal disputes arose in 2014 when the regulator declared the original contract invalid.

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