Zain Sudan Telecom says that it has not transferred any of its profits to its parent company in Kuwait over the past five years, the Sudanese unit’s CEO Ibrahim Ahmed al-Hassan said at a press conference in Khartoum.
This comes on the heels of reports that much of the profits earned by the company in Sudan had left the country.
Hassan said that this “is creating an image problem for the company” since it is listed on stock exchanges around the world.
The unit’s top executive hopes this issue will be resolved with Sudanese authorities even though he did not disclose the reason behind the situation.
However some analysts point to restrictions imposed by Sudan’s central bank on expatriating funds in hard currency outside of the country.
In 2010, the United Arab Emirates (UAE) Securities and Commodities Authority (SCA) warned it would halt trading in Sudatel Telecom Company shares over non-payments of dividends to shareholders. Sudatel attributed the delay to central bank regulations.
Andrew Matapare
