TE seeks international arbitration over Lacom

Telecom Egypt has reportedly sought international arbitration to get compensation from Algeria about its unit Lacom's losses after the former's refusal to liquidate the unit, Alborsa newspaper reported.

Telecom Egypt CEO Mohamed Abdul Rahim said that TE decided to go to international arbitration seeking compensation from Algeria about operational problems the unit faced in Algeria.

Telecom Egypt and its partner in Lacom, Orascom Telecom, decided in 2009 to liquidate the company due to fierce competition but later saw the government revoke the company's operating licence before the process was completed.