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MTS Uzbekistan Faces Bankruptcy Proceedings

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Creditors of MTS's suspended mobile network in Uzbekistan have voted to ask the Tashkent Commercial Court to declare the company bankrupt.

Citing a source close to the company, RIA Novosti reported that they voted to seek the bankruptcy order due to the company's inability to meet its financial liabilities.

The network was closed down last September after an Uzbek court issued a ruling to confiscate all of MTS's local assets in favour of the Uzbek state, in connection with a judgment against four employees of the mobile network over a USD900 million tax dispute.

MTS's local company, Uzdunrobita had a 40 percent share of the country's 25 million-subscriber mobile-phone market before it was closed by the government.

MTS has already written off the value of its assets in the country to the value of USD1.1 billion.

On the web: RIA Novosti

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Tags: mts  uzdunrobita  Uzbekistan