Iraq’s Communications and Media Commission (CMC) has initiated the systematic seizure of all movable and immovable assets belonging to Korek Telecom, the regulatory body’s executive head, Baligh Abu Kalal, announced.

The aggressive asset liquidation follows a three-year coordinated effort with local banking institutions to recover heavy outstanding debts accumulated by the major domestic telecommunications operator.

Landmark Court Rulings Termed Legally Invalidation

Addressing recent legal maneuvers by the telecom provider, Abu Kalal firmly dismissed a court ruling that had ordered the CMC to compensate Korek. The executive head clarified that the decision was handed down by a court entirely lacking jurisdiction and proper specialization in telecommunications law, rendering it legally void. The regulatory commission has successfully overturned or won counter-appeals on all related rulings before specialized judicial authorities.

Multi-Agency Oversight Coordinates Imperial Audit

The financial clampdown and investigation into Korek's operations have been executed under high-level government scrutiny. Abu Kalal disclosed that the regulatory process is being directly monitored by a coalition of state oversight entities, including:

• The Federal Commission of Integrity (Anti-Corruption Watchdog)
• The Federal Board of Supreme Audit
• The General Secretariat of the Council of Ministers
• A dedicated investigative committee formed via direct executive order by the Prime Minister of Iraq.

Insolvency Looms as Regulatory Body Seizes Existing Funds

Though the CMC confirmed it has successfully consolidated and seized Korek's existing capital reserves from Iraqi banks, the targeted company is reportedly facing extreme insolvency. According to the executive briefing, comprehensive audits indicate Korek Telecom no longer possesses the necessary liquid assets, capital, or commercial real estate portfolios required to balance its remaining state-mandated debts and financial obligations.