Court rules GTH should indemnify Atheer to the tune of USD 60 mn

An English High Court found Global Telecom Holding (GTH) and Orascom Telecom Iraq (OTI) liable to indemnify Atheer Telecom Iraq Limited to the tune of USD 60 mn, according to a GTH disclosure. The dispute is from the 2007 sale of Iraqna, OTIL's Iraqi mobile subsidiary, to Atheer, which sought the indemnity for certain tax liabilities. “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,” GTH says.