Cairo: Egyptian mobile phone giant Orascom Telecom says Algerian authorities have rejected its initial appeal of a $597 million tax bill levied against its subsidiary in that North African nation.
In a statement issued Sunday evening, Orascom, which operates Mobinil, Egypt's largest mobile phone service provider by subscribers, said it paid the required 20 percent of the tax bill to appeal the rejection, which was filed in December.
Algerian authorities had argued that Orascom's Algeria subsidiary, Djezzy, did not maintain proper accounts between 2005 and 2007.
Orascom has raised almost $800 million in a rights issue to ensure sufficient liquidity.
