Asiacell and Korek fined for failure to list

The CMC has said it will fine Asiacell $8,500 a day since September 1, 2011, while Korek will be fined $2,500 per day

Tags: AsiaCell TelecommununicationsIraqKorek Telecom
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Asiacell and Korek fined for failure to list Iraq's operators have often clashed with the regulator, the CMC.
By  Clayton Vallabhan Published  June 28, 2012

Iraqi mobile operators Asiacell and Korek have landed fines from the country's telecoms regulator for failing to list their shares on the local stock exchange, according to a report from Reuters.

The regulator, the Communications and Media Commission (CMC), said it will fine Asiacell $8,500 a day since September 1, 2011 for failing to list on the local stock exchange, while Korek will be fined $2,500 per day, the report added.

The two operators were required to list on the stock exchange as part of their $1.25 billion operating licences but all three missed the deadline of August 2011.

The CMC is still deciding whether to fine Iraq's other mobile operator, Zain Iraq, which also missed the deadline.
 

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