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

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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.