{"id":624966,"date":"2018-09-24T04:31:56","date_gmt":"2018-09-24T04:31:56","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/24\/naguibs-koryolink-could-repatriate-profits-from-north-korea-after-reportedly-getting-sanctions-waiver\/"},"modified":"2018-09-24T04:31:56","modified_gmt":"2018-09-24T04:31:56","slug":"naguibs-koryolink-could-repatriate-profits-from-north-korea-after-reportedly-getting-sanctions-waiver","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/24\/naguibs-koryolink-could-repatriate-profits-from-north-korea-after-reportedly-getting-sanctions-waiver\/","title":{"rendered":"Naguib\u2019s Koryolink could repatriate profits from North Korea after reportedly getting sanctions waiver."},"content":{"rendered":"

<\/a> **#6<\/strong> Naguib Sawiris\u2019 Koryolink will reportedly be able to repatriate its profits from North Korea <\/strong>to Egypt now that it\u2019s been cleared by the UN to continue operating in Pyongyang free of sanctions, sources close to the matter tell Al Mal<\/a>. Sawiris\u2019 Orascom Investment Holding (OIH, previously known as OTMT), which owns 75% of Koryolink, had petitioned the UN Security Council through the Egyptian government almost a year ago asking for an exemption from sanctions put in place to pressure North Korea into abandoning its nuclear program. Sawiris broke the news<\/a> via Twitter on Thursday that the company had been cleared for business.<\/p>\n

The scope of the exemption, however, remains to be seen,<\/strong> OIH said in a filing to the EGX yesterday (pdf)<\/a>, with promises to update the public as soon as it receives written documents from the UN with the decision. OIH said it was notified of the UN\u2019s decision on Thursday by the Egyptian embassy in Washington, DC. OIH\u2019s shares shot up to their daily limit yesterday on news of the exemption, according to Reuters<\/a>.<\/p>\n

Naguib has a long, difficult history with Koryolink<\/strong>, where he effectively lost control of the asset in 2015<\/a>. North Korean hackers are alleged to have taken down OTMT\u2019s tech systems<\/a> during a shareholder dispute earlier this year.<\/p>\n

In other company news, OIH announced yesterday that its board of directors approved the acquisition of 100% of the <\/strong>Nile Sugar Company<\/strong><\/a>, according to an EGX filing (pdf)<\/a>. No further details about the transaction were disclosed.<\/p>\n","protected":false},"excerpt":{"rendered":"

**#6 Naguib Sawiris\u2019 Koryolink will reportedly be able to repatriate its profits from North Korea to Egypt now that it\u2019s been cleared by the UN to continue operating in Pyongyang free of sanctions, sources close to the matter tell Al Mal. Sawiris\u2019 Orascom Investment Holding (OIH, previously known as OTMT), which owns 75% of Koryolink, […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-624966","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"740e7568-7ba5-499b-8bef-6e49f41657d9","order":"0","is_powered_by":true,"section_story_id":"fbc8dd13-3a97-4893-916a-46fe40123a7e","story_type":"1","photo_url":"","photo_position":"above","related_issue":[624957],"teaser":"","voice_url":""},"yoast_head":"\nNaguib\u2019s Koryolink could repatriate profits from North Korea after reportedly getting sanctions waiver. - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2018\/09\/24\/naguibs-koryolink-could-repatriate-profits-from-north-korea-after-reportedly-getting-sanctions-waiver\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Naguib\u2019s Koryolink could repatriate profits from North Korea after reportedly getting sanctions waiver.\" \/>\n<meta property=\"og:description\" content=\"**#6 Naguib Sawiris\u2019 Koryolink will reportedly be able to repatriate its profits from North Korea to Egypt now that it\u2019s been cleared by the UN to continue operating in Pyongyang free of sanctions, sources close to the matter tell Al Mal. 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Details of what was discussed remains scant, but it is likely discussions included talks of the mess with Koryolink.","rel":"","context":"In "Other Business News of Note"","block_context":{"text":"Other Business News of Note","link":"https:\/\/enterpriseam.com\/egypt\/category\/other-business-news-of-note\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":627713,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/06\/10\/can-one-be-optimistic-about-investing-in-dprk\/","url_meta":{"origin":624966,"position":2},"title":"Can one be optimistic about investing in DPRK?","author":"enterpriseam admin","date":"10 June 2018","format":false,"excerpt":"The giant fail that is Koryolink was highlighted by Bloomberg as one of the foreign investments in North Korea that have tanked, begging the question why would anyone put in money there? 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