Taking a strong exception on being involved in telecom corruption in India, the Emirates Telecommunications Corporation (etisalat) on Wednesday rubbished the charges adding that it has nothing to do with the UAS license application process.
The Indian primary investigation agency Central Bureau of Investigation (CBI) arrested Shahid Balwah, vice-chairman of a joint venture with Abu Dhabi's Etisalat, for allegedly being instrumental in getting telecom license on preferential basis. One of such firm is Swan in which Etisalat owns 45 per cent stake.
Etisalat claimed that it acquired stake in Etisalat DB (formerly Swan Telecom Pvt. Ltd), in December 2008 while the 15 Unified Access Services (UAS) licenses had been offered thereafter.
The firm said in a statement, "Etisalat had no involvement whatsoever in the UAS license application process: it is a subsequent external investor, who entered the Indian market bringing its international expertise and resources, which purchased its stake in the company on the bona fide belief that the licenses have been validly granted."
The multi-billion telecom scam has charged political atmosphere in India and undermined Prime Minister Manmohan Singh.
- New York City Rent Guidelines Board in an Unprecedented Move Votes to Freeze Regulated Rents on One-Year Leases
- According to S&P Dubai Real Estate Prices Likely to Drop Ten to Twenty Percent 2015
- Gains Noted in Southern California Home Sales Marking a Rise in Prices
- Fannie Mae Accused of Discriminating Neighborhoods on the Basis of Races by Fair Housing
- Second Quarter Profits of Business Software Provider SAP Drops Due to Higher Expenditures
- The National Football League’s Revenue Growing Rapidly with $1.3 billion Added Revenue in 2014
- Express with Emojis and You Might be Able to Suggest the Next Emoji to be Included on the Keyboard
- Livetext, the New Yahoo Messenger Debuts in Hong Kong before a Wider Release
- Report from a Security Firm Suggests Decline in Spam Rate and Increase in Malware Creation
- President Obama Planning to Make Changes in US Criminal Justice System
- Documents from 2005 Sex-Assault Lawsuit Should Not Be Unsealed, says Bill Cosby’s Lawyer
- Friend of Boston Bomber Sentenced Two And a Half Years of Imprisonment
- Prison Employee faces Charges of helping 2 Prisoners to Escape
- New York police detective shoots gunman who injured a man