Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Kuwait’s Zain Has Iraq Bank Funds Seized for Unpaid Fine

Don't Miss Out —
Follow us on:

Sept. 3 (Bloomberg) -- Zain Iraq, a unit of Kuwait’s Mobile Telecommunications Co., has had its funds seized in all Iraqi banks until it pays a $262 million fine for selling 5 million SIM cards without permission, Iraq’s telecommunications regulator said.

“We have warned them to pay the fine,” Ahmad al-Omari, a member of the Communications and Media Commission’s trustee board, said by phone today from Baghdad. “This procedure has been carried out as a punishment.”

The commission said on its website in February 2011 that the fine was imposed on Zain for putting 5 million subscriber identity module cards on the local market without permission. Zain Group said at the time that it didn’t know why Iraq’s media and telecommunications regulator had imposed the fine.

To contact the reporter on this story: Khalid Al-Ansary in Baghdad at kalansary@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.