Orascom to challenge FSA resolution

Orascom Telecom plans to file a lawsuit against a resolution by the Financial Supervisory Authority (FSA) approving an offer by France Telecom to buy 100 percent of Orascom and France Telecom’s joint partnership mobile phone subsidiary, MobiNil, for LE245 per share.

Orascom Telecom is asking for LE273 per share, a price determined by international arbitration. The company said it is still negotiating with France Telecom to try to resolve the dispute amicably.

FSA President Ziad Bahaa Eddin said that the complaints committee that issued the resolution in question is a judicial entity independent of the FSA. "FSA is not party to this dispute," he said, denying there had been any pressure on FSA to accept the offer.

Translated from the Arabic Edition.

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