orascom telecom announces termination of orabank in nkorea
Friday 4 July 2025
Last Updated : GMT 09:40:38
Themuslimchronicle, themuslimchronicle

Orascom Telecom announces termination of Orabank in N.Korea

Themuslimchronicle, themuslimchronicle

Themuslimchronicle, themuslimchronicleOrascom Telecom announces termination of Orabank in N.Korea

Egypt's Orascom Telecom Media and Technology Holding's profit fell 22.7 percent in the second quarter to 351.68 million Egyptian pounds.
Cairo - MENA

Orascom Telecom Media and Technology Holding (OTMT) announced Sunday that the board of directors of Orabank, an indirectly majority owned subsidiary of OTMT, has taken a board of directors decision to immediately start procedures of terminating the bank and officially advising the relevant authorities. 

As part of the termination process, all Orabank cash and liquid assets (short term assets and liabilities), including but not limited to loans, will be transferred to a designated subsidiary of OTMT in a manner that complies with all current sanctions of The Office of Foreign Assets Control (OFAC) of the US Department of the Treasury and regulations noting that the loans will be transferred until maturity and no further banking operations will be carried out beyond this stage. 

All management operations
related to the Real estate assets in DPRK will be transferred to an OTMT designated entity.

The decision to terminate any banking operations in the Democratic Peoples’ Republic of Korea, comes as an “Event of Force Majeure” as a result of the OFAC sanctions enforced on DPRK becoming increasingly complex and having delved in the territory of financial sanctions. In addition, the challenges in complying with overlapping financial sanctions, and the potentially significant penalties and personal liability for breaches of regulations, have compelled the company to revert to this measure

 

themuslimchronicle
themuslimchronicle

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

orascom telecom announces termination of orabank in nkorea orascom telecom announces termination of orabank in nkorea

 



Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle

GMT 08:26 2018 Tuesday ,23 January

Five things to know about Davos

GMT 12:49 2014 Sunday ,22 June

Egypt to attract Arab tourism

GMT 12:39 2015 Tuesday ,30 June

Merkel unaware of new EU proposal on Greece

GMT 11:53 2016 Saturday ,17 December

Ko has no regrets leaving instructor Leadbetter

GMT 12:46 2017 Monday ,31 July

Hair for the Gods ends up on thinning heads

GMT 16:06 2014 Saturday ,18 October

6 things everyone needs to stop doing at work

GMT 19:07 2017 Friday ,10 March

Long-awaited concert music to Saudi ears

GMT 17:04 2016 Friday ,11 November

Thousands step out for Walk 2016

GMT 09:43 2017 Monday ,27 November

Iran, Turkey sign deal with Qatar

GMT 19:42 2016 Monday ,10 October

Closing session of Sudanese dialogue kicks off
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
 
 Themuslimchronicle Facebook,themuslimchronicle facebook  Themuslimchronicle Twitter,themuslimchronicle twitter Themuslimchronicle Rss,themuslimchronicle rss  Themuslimchronicle Youtube,themuslimchronicle youtube  Themuslimchronicle Youtube,themuslimchronicle youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

muslimchronicle muslimchronicle muslimchronicle muslimchronicle
themuslimchronicle themuslimchronicle themuslimchronicle
themuslimchronicle
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
themuslimchronicle, themuslimchronicle, themuslimchronicle