GLOBAL TELECOM HOLDING S.A.E. GTH RECEIVES COURT RULING CONCERNING IRAQNA LITIGATION
Amsterdam (21 February 2017) - Global Telecom Holding S.A.E. ('GTH' or the 'Company') (EGX:
GTHE.CA, LSE: GLTD:LI), an Egyptian joint stock company, today announces that, as previously disclosed,
on 19 November 2012 Atheer Telecom Iraq Limited ('Atheer') initiated English High Court proceedings
against Orascom Telecom Iraq Ltd. ('OTIL') and GTH in relation to a dispute arising from the 2007 sale of
Iraqna, OTIL's Iraqi mobile subsidiary, to Atheer. Pursuant to the underlying share purchase agreement,
Atheer was seeking declarations that OTIL and GTH are liable to indemnify it for certain tax liabilities.
Atheer's initial claim was for USD 280 million, but later reduced to USD 60 million. On 17 February 2017,
the Court found OTI and GTH liable to indemnify Atheer in the amount of USD 60 million. The precise
terms of the order, costs and interest will be determined at a hearing on 1 March 2017. GTH intends to
seek leave to appeal the judgment, however, leave to appeal is discretionary and may not be granted.
Global Telecom Holding SAE published this content on 21 February 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 22 February 2017 09:46:07 UTC.
Original documenthttp://www.gtelecom.com/ir-news-details?articleId=210609
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