The ongoing struggle over Orascom Telecom's Algerian unit, or Djezzy, hit another snag on Wednesday, after the valuation requested by the Algerian government was delayed due to a disagreement over company data. News reports indicated that Djezzy has refused to allow the auditors to look at its database. A top communications ministry official, who was not authorized to speak to the media, said that “the company is not complying with orders to be audited and be valued, so it is really difficult to deal with this situation.” Algiers hired Shearman and Sterling in January to conduct the valuation of the Egyptian telecom giant's unit, but the May deadline has come and gone and still no report. “The valuation has not been done yet because Djezzy refused to allow Shearman access to its database,” an Algerian telecoms sector source familiar with the Djezzy case told Reuters news service. The fight between Algeria's government and Orascom has gone on for well over one year, after the Egyptian company refused to comply with the government's requests to pay back taxes. Djezzy and Orascom claim they have nothing to pay, while the government has in turn decided to purchase the unit. BM
