Kuwait's Zain telecom said Sunday that its Iraqi unit has been fined $12,877 a day since September 1 for failing to list on the bourse but will seek to have the penalty that has reached $4 million scrapped.

"Iraq Zain has received a notification from the Communications and Media Commission stipulating a fine of $12,887 a day for delaying the listing of the company on Iraq Stock Exchange," Zain said in a statement.

AFP