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Alokabank allocates loan for 500bn soums to MTS Uzbekistan [UzDaily (Uzbekistan)](UzDaily (Uzbekistan) Via Acquire Media NewsEdge) Tashkent, Uzbekistan (UzDaily.com) -- Joint stock commercial Alokabank issued a loan to mobile communication operator MTS Uzbekistan for 500 billion soums. According to the bank, shareholders of Alokabank approved allocation of loan to Universal Mobile Systems for 500 billion soums (over $211.553 million). Founders of Universal Mobile Systems are Russia's Mobile TeleSystems (MTS) (50.01%) and Center for Radio Communication, Broadcasting and Television (CRBT) under the State committee for communications, development of information systems and telecommunications technologies of the Republic of Uzbekistan. The enterprise will provide mobile communication services under MTS brand. The joint venture will operate on the basis of assets, equipment and infrastructure, which were previously owned by Uzdunrobita FE LLC, a former subsidiary of MTS in Uzbekistan, and which will be transferred to this newly established joint venture. According to the Settlement agreement, the authorities of the Republic of Uzbekistan will grant the new operator 2G, 3G and LTE licenses, provide necessary frequencies and numbering capacity, ensure lease agreements for communication channels and issue all permissions required for the joint venture to operate and offer full telecommunications services throughout Uzbekistan. MTS Uzbekistan worked in Uzbekistan till the summer 2012. In 2012, Uzbek Communication Agency suspended its licenses and later the court abolished its licenses. Several employees of Uzdunrobita were fined and sentenced for correctional works for schemes, created for receiving illegal income. Assets of the company were handed over to the government, but the court abolished decision and said the operator should pay US$600 million of fines and penalties. Tashkent Economic Court recognized FE LLC Uzdunrobita, a 100% subsidiary of Russia's MTS in Uzbekistan, as bankrupt on 22 April 2013. In December 2013, assets of Uzdunrobita were handed over to balance of Uzbektelecom, national communication operator of Uzbekistan, without right to use them. (c) 2014 UzDaily.com. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info). |