Last checked at 31 Dec 2018 12:21
Security Council grants Orascom's Koryolink open-end, unrestricted exception to operate in North Korea
Cairo, December 30, 2018: Egypt's Orascom Investment Holding S.A.E (OIH) said it received today a letter from the General Authority of Investment and Free Zones (GAFI) explaining that the Security Council granted the company an exemption to operate its Koryolink venture in North Korea.
The Security Council resolution considered Koryolink as an infrastructure telecom operator, which provides public services in North Korea.
Orascom Investment had previously requested GAFI to address the Egyptian Foreign Ministry over the key considerations mentioned in the exemption resolution issued by the Security Council 1718 committee.
The Security Council, in its resolution, exempted Orascom Investment from the international sanctions prohibiting joint ventures in North Korea, due to the fact that the telecom operator provides public services as an infrastructure telecom operator.
Therefore, Orascom Investment does not need any additional exceptions from the Security Council to resume its operations locally and globally; since the committee's resolution granted OIH an open-end and unrestricted exception.
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About Orascom Investment Holding ("OIH")
OIH has been operating as a holding company with investments mainly in the telecom, media & technology and cable businesses since its establishment in 2011. Born out of the split of assets between OTMTI and VEON (formerly known as Vimpelcom), OIH holds the legacy of the region's most successful telecoms operator. As the industry matured, OIH recently adopted a new direction to diversify its portfolio from a solely Telecom and Technology based firm to an Investment Holding company.
OIH invests in industries that are critical to the future, including energy, financial services, agriculture, real estate development, logistics and transport. OIH is currently exploring opportunities across Egypt, Africa and the Middle East. Wherever we invest, we will always aspire to transform lives to make a lasting contribution to sustainable economic development.
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