After providing the government with financial guarantees, the judicial custody of “Syriatel” has been lifted.

On Thursday, the Ministry of Communications and Technology lifted the judicial guard against Syriatel, a year after the government imposed the appointment of a judicial guard on the company.

Mourid Al-Atassi, CEO of Syriatel Mobile Telecom, said that minutes of agreement were signed with the Ministry of Communications and Technology, and the Telecommunications and Postal Regulatory Authority, according to which Syriatel provided financial guarantees, and thus the judicial custody of the company is lifted today.

Al-Atassi added to Al-Watan newspaper, that investigations revealed the existence of financial irregularities and tax evasion committed by the previous board of directors during his tenure, and these actions he committed resulted in a decrease in profits and shareholders’ equity.

He pointed out that these actions imposed great financial burdens on the company, which negatively affected the rights of shareholders, and accordingly the general assembly, held on the 30th of last month, decided to instruct the new board of directors to file a liability suit according to the provisions of the law on successive boards of directors for the work that took place during the term of each Of which.

According to the newspaper, during the first five months, Syriatel achieved net revenues of more than 121 billion pounds, a difference of 43 billion pounds compared to the same period last year, in which the value of net revenues amounted to 77.88 billion pounds.

He pointed out that the government found a missed benefit in the amount of about 134 billion Syrian pounds, when determining the value of the initial license allowance for Syriatel at the end of 2014. Investigations also revealed financial irregularities and tax evasion committed by the previous board of directors during his tenure.

Last June, the Syrian Telecom Company, which is affiliated with the Ministry of Communications, appointed as the judicial guardian of the cellular communications company “Syriatel”, Murid Al-Atassi as chief executive officer of the company, about a year after the government imposed a judicial guard on the company following disputes with Rami Makhlouf.

According to the appointment decision, Al-Atassi’s powers are to manage the company’s daily affairs towards public and private entities and sign the letters necessary for this. His powers also include managing the company’s internal administrative matters and personnel affairs.