November 22, 2015 / 10:05 AM / in 2 years

Orascom Telecom says North Korea sanctions impact control of subsidiary

CAIRO, Nov 22 (Reuters) - Egypt’s Orascom Telecom said on Sunday that sanctions against North Korea had affected its ability to control its subsidiary there, and it was removing Koryolink from its consolidated financial statement.

The group said in a statement the sanctions had affected its ability to transfer currency, distribute profits as well its negotiations with North Korea’s telecoms regulator.

“OTMT reaffirms that negotiations with the (North) Korean side are ongoing and that the team at Koryolink is still carrying out its duties,” the company said in a statement to the Egyptian bourse. (Reporting by Eric Knecht; Editing by Andrew Heavens)

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