Orange Pushed From Iraq as Regulator Takes Mobile Unit Stake
- French group and Kuwaiti firm invested $810 million in country
- Companies are seeking compensation for loss of holding
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An Iraqi industry regulator has stripped France’s Orange SA of its stake in wireless operator Korek and handed it to a group of local investors, according to an official document seen by Bloomberg.
An administrative order from Iraq’s Communications and Media Commission transferred the 44% stake in Korek owned jointly by Orange and Kuwaiti logistics company Agility Public Warehousing Co. to three investors including Korek’s managing director, Sirwan Barzani. A Kurdish regional ministry executed the administrative order, according to the document dated March.