Creditors decide to liquidate MTS subsidiary in Uzbekistan

ICT Materials 6 March 2013 14:44 (UTC +04:00)

Uzbekistan, Tashkent, Mar. 6 / Trend D.Azizov /

A meeting of the creditors of Uzdunrobita, Russia's MTS branch in Uzbekistan has voted to seek its liquidation, a source in government circles told Trend.

As previously reported, in January Uzdunrobita appealed to the Commercial Court of Tashkent with an application for bankruptcy.

A bankruptcy petition was filed due to the company's inability to fulfil its obligations in accordance with the decision of the Tashkent Criminal Court and the Appeal Court which set the total amount of fines and penalties to be paid by the operator at $600 million.

By a decision of the Commercial Court, an observation procedure was introduced in the company and an acting managing director appointed.

On March 11, the Tashkent Commercial Court will hold a meeting on the company's bankruptcy proceedings.

At the moment, in accordance with the court ruling, some $150 million has been withdrawn from Uzdunrobita's accounts.

To date, in accordance with by a final judgment of the court, Uzdunrobita has written off all of the remaining funds to the sum of 150 million dollars.

Most of the employees have already been dismissed except for a number of technical staff that maintains all the equipment.

In late November, the Supreme Economic Court of Uzbekistan suspended consideration of Uzdunrobita's appeal against the Economic Court of Tashkent's ruling to revoke its telecommunications license.

Earlier, the Economic Court of Tashkent, at the proposal of the State Agency for Communications and Information of Uzbekistan (SACI), ruled to terminate the validity of all of Uzdunrobita's telecommunications licenses.

The date of the next meeting of the Economic Court has not yet been determined.