Iraq Watchdog to Fine Zain for Failing to List
By John Lee.
Following its recent fine on mobile phone operators Asiacell and Korek, Iraq’s communications regulator is to fine Zain Iraq $12,864 a day since September of last year for failing to list on the country’s stock exchange, according to Reuters.
The three companies are required to list on the local stock exchange as part of their $1.25 billion operating licences, but all three missed an initial deadline of last August.
“The hearing committee was of the view that all operators had enough time, more than four years, to prepare for the IPO, so there’s no excuse,” Ahmed Alomary, Communications and Media Commission (CMC) commissioner, told Reuters.
He said Zain Iraq had been given a bigger fine because it had more subscribers than the other two mobile phone operators.
A second fine of 200 million Iraqi dinars ($172,000) had also been issued to Zain for using a new mobile phone number range without the CMC’s permission, he said.
(Picture: HQ of Communications and Media Commission (CMC))