An Algerian court of first instance has ruled to impose a fine of $1.3 billion on Orascom Telecom Algeria (OTA, brand Djezzy), controlled by Vimpelcom Ltd.

Criminal prosecution has been launched against Djezzy's top managers, said in a statement . Orascom Telecom, Djezzy's parent company,

The company intends to appeal this decision and expects that the execution of the verdict will be suspended during its consideration.

The trial was launched in 2010 in connection with violations of the country’s currency legislation, Interfax recalls .

A deal is currently being prepared for the Algerian state to buy out 51% of Djezzy from Orascom Telecom. Vimpelcom owns 51.7% of Orascom, which in turn owns 96.81% of Djeezy.

The Algerian operator is one of the largest assets of the Wind Telecom holding, which Vimpelcom acquired from Egyptian billionaire Naguib Sawiris last year. Djezzy was initially the problematic part of the deal. The country's authorities, who repeatedly presented tax claims against Djezzy, did not hide their intention to nationalize the company.

The Algerian Ministry of Finance recently received the results of Djezzy's buyout assessment, but has not yet officially disclosed them.

Last September, law firm Shearman and Sterling International Affairs, hired by the Algerian government, valued Djezzy at $7 billion.

Algerian subsidiary of Vimpelcom Ltd. fined $1.3 billion