Cairo – Mubasher: Orascom Telecom Media and Technology Holding (OTMT) on Thursday said that it has not frozen telecommunications operations in North Korea.
Egyptian billionaire Naguib Sawiris' company had started operations in North Korea ahead of imposing any restrictions, OTMT added in a statement to the Egyptian Exchange.
Telecom services are vital tools for the nation and shall not be subjected to the United Nations Security Council’s sanctions, the Egyptian firm indicated.
North Korea’s only 3G mobile phone network, Koryolink, which was established by OTMT, does not contrast with the US policy to pressure North Korea, a source told Youm7.
OTMT is the only provider of telecom services to the North Korean citizens, the source highlighted, noting that the company will not pump further investments into Koryolink.
The Korea Times had previously stated that OTMT was preparing for a full divestment of North Korea after suspending its services in the country earlier this month.
It is worth mentioning that Japanese intelligence officials and sources in the telecom industry remarked that OTMT’s decision came due to pressures from the US and the United Nations Security Council, according to the newspaper.
OTMT previously said that it had no plans to pump further investments into North Korea.
In 2008, OTMT had established Koryolink, North Korea’s only 3G mobile phone network, in collaboration with Pyongyang.
The Egyptian company holds a 75% stake in Koryolink, while North Korea's government owns the remaining 25% stake.
