Orascom denies freezing North Korean investments

Egypt-based Orascom has denied recent media reports claiming that the company has frozen investments in North Korea.

Orascom Telecom Media and Technology Holding (OTMT) said “recent reports are entirely inaccurate”, despite claims the company had stopped investing in the company following a row over dividend payments, reported in a range of media outlets late last week.

OTMT sent a statement claiming that while it had no new plans for investments in North Korea, the company is open to new opportunities in a market it has been investing in for the past six years.

“The company has not announced any intentions to freeze investments in the North Korean market,” the statement read.

Orascom owns a 75% stake in North Korean operator CHEO Technology.

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