Key facts
- Iraq's Communications and Media Commission canceled its settlement agreement with Korek Telecom.
- Korek's operations in Iraq have been halted.
- The cancellation is due to Korek's failure to comply with settlement terms.
- Legal and regulatory actions have been initiated against Korek.
- Measures are being taken to recover an estimated $1.5 billion in unpaid debts.
Iraq's Communications and Media Commission has terminated its settlement agreement with the telecommunications company Korek Telecom, leading to the immediate cessation of all Korek operations within the country. The commission cited Korek's non-compliance with previously agreed-upon settlement terms as the reason for this action. Measures have been announced to recover an estimated $1.5 billion in unpaid debts, and the commission has initiated legal and regulatory proceedings against the company.