Foreign funds traced in 2G scam, 31 firms under scan (India)

By on March 16, 2011 · Leave a Comment 

The Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) on Tuesday submitted their progress report on 2G scam stating that 31 firms have come under the scrutiny.

The agency placed its latest status report of its investigation in the scam in a sealed envelope before a bench comprising Justices G S Singhvi and A K Ganguly in which it has mentioned that it is seeking the help of foreign authorities in tracking the source of money.

According to Senior Advocate, K K Venugopal, letters have been sent to Singapore, Cyprus, Jersey and Virgin Islands in connection with the 2G spectrum scam. Similar communications were being sent to two more countries.

He added that 31 companies have so far been summoned and statements of 26 companies have been recorded. Some Hawala operators were also involved in the scam and their premises were raided and they were questioned by the ED.

A bench of justices G S Singhvi and A K Ganguly had stated while asking the government to consider setting up of the court. They emphasised that a special court is a must if they want the objectives of the statue to be achieved. It cannot be done with existing manpower and infrastructure.

The Centre had then approached the Delhi High Court which, in consultation with the Chief Secretary of the city government, decided to set up the special court. The Centre would inform the apex court on Wednesday when the matter relating to CBI investigation comes up for hearing.

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Telenor’s $1.7b Russian lawsuit again delayed

By on March 26, 2010 · Leave a Comment 

www.WirelessFederation.com/news: The announcement for the delay of the court battle over a US$1.73 billion lawsuit in Russia for the fourth time has been made by Telenor. Continuous appeal has been filed by the telco following a court case won by a mystery company known as Farimex Products, which is a BVI shell company claiming to hold a 0.002 per cent stake in VimpelCom.

It was been claimed by British Virgin Islands-based Farimex in the original case that VimpelCom suffered financial harm allegedly caused by Telenor due to delays in VimpelCom’s acquisition of loss-making Ukrainian mobile operation, Ukrainian Radio Systems (URS). It was brought to the court attention by Farimex in the beginning of the latest hearing that four of the Alfa entities originally named as defendants in the case – CT Mobile, Avenue, Janow and Santel had been liquidated.

April 16, 2010 has been set as the new hearing date by the court as it requires some time to review the documents presented by Farimex. None of the four Alfa entities were appealing the Omsk court’s ruling of March 2, 2009. Appeal of Telenor made against Omsk court’s ruling was initially adjourned until June 10, 2009 and had been scheduled to take place on May 26, 2009 and was again delayed till September 30, 2009.

Court granted Farimex’s motion requesting that the hearing in the case be delayed until a related Farimex case in New York had been heard, on September 30, 2009 and it was later dismissed without prejudice on October 20, 2009.

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T-Mobile USA wins U.S. mobile licenses for $4.2 billion

By on September 19, 2006 · Leave a Comment 

LONDON (MarketWatch) — T-Mobile USA, a unit of Deutsche Telekom AG (DT), has won 120 mobile licenses in the U.S. with a bid of $4.2 billion, in a move that will help the company expand its presence in the important U.S. market.

T-Mobile acquired the spectrum in an auction of licenses by the U.S. Federal Communications Commission, which was completed Monday in the U.S. The licenses are for regions across the United States and in Hawaii, Puerto Rico/U.S. Virgin Islands, Alaska and cities including New York, Los Angeles and Chicago.

The company can use the spectrum to offer either second-generation basic telephony and messaging services or third generation services, including music, TV and video. The rights to the spectrum can also be traded.

The price was largely in line with expectations and will enable T-Mobile to catch up with its U.S. competitor Verizon Wireless, said a trader.

The trader added that Deutsche Telekom had long been seen as most aggressive participant in the auction.

At 0908 GMT, shares in Deutsche Telekom were up EUR0.06, or 0.5%, at EUR11.75.

T-Mobile USA is currently the smallest of four national operators in the U.S. and has only half the spectrum allocation of its closest peer, said analyst Jochen Lins at BHF Bank in Frankfurt.

“Investors had already priced in the cost of the spectrum, the focus now will be on rollout costs,” said Lins who estimates a total price tag for both spectrum and a 3G network of around $6.7 billion.

He also noted that owning spectrum bolsters the overall value of an operator.

“Winning those airwaves was crucial”, said analyst Stefan Borscheid at WestLB in a note. “Unlike its three bigger competitors, T-Mobile does not yet operate a 3G network in the US.”

But BHF Bank’s Lins said T-Mobile USA may not necessarily launch 3G services in the short term as there is currently no 3G application that is a ‘must have’ for subscribers. The spectrum win “gets T-Mobile into position for the future market,” said Lins.

The FCC raised almost $13.9 billion in total from the 28 day license auction. Verizon Wireless agreed to pay $2.8 billion for 13 licenses. A consortium that includes cable giants Comcast Corp. (CMCSA) and Time Warner Inc. (TWX), along with Sprint Nextel Corp. (S), agreed to pay almost $2.4 billion for 137 licenses.

A total of 1,122 licenses were offered and 104 bidders won 1,087 of these. The unsold licenses will be offered again in the future, the FCC said in a statement.

Source- http://www.marketwatch.com

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