MTS Uzbekistan Assets Transfered to State-Owned Telco
Published on: 18th Dec 2013
Uzbekistan's state owned Uzbektelecom has acquired the assets of the local mobile network MTS Uzbekistan following its forced bankruptcy last year.
Local authorities transferred Uzdunrobita's (MTS) assets to Uzbektelecom reported RIA Novosti. It's not clear when the legal transfer of ownership took place.
Uzbektelecom will monitor the condition of the equipment of the cellular operator, but whether the company plans to use the equipment is not clear.
Uzdunrobita, MTS's wholly owned subsidiary in Uzbekistan, was declared bankrupt by the government in an action that is being contested by MTS. Attempts to sell the assets in three auctions did not get any bidders -- no doubt put off by the ongoing legal challenge to the sale.
MTS has repeatedly stated that the claims of the Uzbek authorities and actions in Uzbekistan, which resulted in the initiation of bankruptcy proceedings and attempts to sell Uzdunrobita's assets, have no legal or factual basis.
MTS has a claim pending against the government at the International Center for Settlement of Investment Disputes (ICSID).
On the web: CA News
Next Story >> Malaysian Network Launches LTE Service
Previous Story << Vietnam Looking to Raise Cost of 3G Services