Italy pulls on the reins of Orascom (Milano Finanza Interactive Edition)

According to Milano Finanza, the Italian goverment, as part of the Orascom agreed takeover of Wind, can veto every decision by Orascom and its controlled companies to invest or manage operations in any countries which the Italian Government considers officially hostile to the national or international interests of Italy. This clause includes Corporate Governance of Orascom as well.

Orascom recently sold one of the GSM operators in the Congo Democratic Republic to Millicom International Cellular for 35 million dollars (a company under Luxemburg Law, quoted on NASDAQ). On 12 December, on the other hand, the company managed by Sawiris announced the sale of its 65 per cent in Libertis Telecom to a subject whose identity has not been revealed, yet, for 66 million dollars. Libertis Telecom is one of the mobile operators in the Brazzaville Congo Republic.