No More Cash for Romanian Operator

The Greek telecoms operator, OTE has said that it will not be investing any more money in its troubled Romanian mobile subsidiary, Cosmorom.

"During today's OTE Board of Directors meeting, Cosmote presented its assessment regarding CosmoRom. Following in-depth evaluation of the case, the Board of Directors has resolved not to invest any funds in the company." the company said in a statement.

In July, OTE had said that it was considering closing the operator, although the Romanian government pointed out that their GSM license would then lapse and be reclaimed by the government."

Posted to the site on 10th October 2003