Investment

MTS Report Major Uzbekistan Losses

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Russian owned operator, MTS has released its Q2 report with heavy losses in Uzbekistan.

Russian owned operator, MTS has released its Q2 report with heavy losses in Uzbekistan. The whole group has reported a net loss after costs incurred by its subsidiary, Uzdunrobita.

MTS have reported a likely figure of $1billion in costs to Uzdunrobita as a result of its ongoing troubles with the Uzbek government. Uzdunrobita had its licenses cancelled in July after allegations of tax evasion and other malfeasance.

Government actions have included the detention of some MTS employees. The issue is understood to have been raised by the United States' delegation in recent bilateral trade talks.



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