Mobile TeleSystems Released Ad Hoc Notice
OREANDA-NEWS. July 04, 2012. Mobile TeleSystems OJSC (“MTS” or the “Company”–NYSE: MBT), the leading telecommunications provider in Russia and the CIS, announces that Uzbekistan authorities are conducting audits of the financial and operating activities of its wholly-owned subsidiary Uzdunrobita FE LLC (MTS-Uzbekistan) and with no grounds have detained its managers. These actions are being carried out in violation of local regulations, which create risks for the continuity of MTS operations in
The Company has received official documents from the Prosecutor General’s Office of the
The detainment of the managers, each of whom possesses the signatory power to authorize financial transactions, and seizure of internal documents will hinder the operations of Uzdunrobita FE LLC. In particular, the Company will be prevented from placing orders for express payment cards, which impedes the ability of subscribers to pay for the communications services in some regions of
MTS notes that these actions of the regulatory and law enforcement agencies breach a number of legislative acts of the
MTS appeals to the leadership of the
MTC also notes that tax audits have been conducted in Uzdunrobita FE LLC and its subsidiaries on a regular basis since 2004, when MTS acquired a stake in Uzdunrobita FE LLC. These audits have not revealed any serious violations. In February 2012, upon completion of the last of the last tax audit covering the period of 2007 - 2010, tax authorities ruled on charging additional taxes in the amount of 2.4 billion soums (approximately USD 1.27 million dollars), which were voluntarily and fully paid by MTS-Uzbekistan.
MTS has always acted strictly in accordance with the local regulation in all markets of presence and is willing to assist the
In 2011, MTS-Uzbekistan contributed 3.5% to the revenues and 4.5% to the OIBDA of MTS Group respectively.
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