Sawiris loses four-year old legal battle over Djezzy against Algerian government

Naguib loses four-year old legal battle against Algerian government: An international court on Wednesday rejected OTMT Chairman Naguib Sawiris’ c. USD 4 bn claim against the Algerian government over the ownership of national Algerian mobile operator Djezzy, CNBC Arabia says. Sawiris’ Orascom Telecom will also be footing 50% of the Algerian government’s legal bills for the case (estimated around USD 3.5 mn), which has been ongoing for some four years, according to the verdict. Orascom reportedly declined to comment on the verdict.