MTS Uzbekistan Faces Bankruptcy Proceedings
Published on: 6th Mar 2013
Note -- this news article is more than a year old.
By: Ian Mansfield
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 US$900 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 US$1.1 billion.
On the web: RIA Novosti