French telecoms operator Orange said Wednesday it has launched legal proceedings against the Iraqi state over what it terms the "expropriation" in March last year of a roughly $400 million investment in Korek Telecom.

Orange, which has been present in Iraq since 2011, said it was determined to recover "equitable indemnification for its investment" via arbitration proceedings with the International Center for Settlement of Investment Disputes, part of the World Bank.

"Orange confirms it has failed to reach agreement with the Iraqi state regarding the expropriation of its investment in Korek Telecom and has launched a legal claim against the Iraqi state," the partly state-owned French operator said, confirming a report in the Financial Times.

The French firm boasts an active presence in 18 Middle Eastern and African states -- the region is the fastest-growing for the operator with 5.6 billion euros ($6.6. billion) of sales in 2019.

Orange took a 44 percent stake in mobile operator Korek Telecom along with Kuwaiti partner Agility.

Orange said it had made strenuous efforts to engage with Baghdad over the past 19 months in order to try to reach an amicable settlement "but without success."

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