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Mobile TeleSystems unloading stake in Uzbek joint venture

  • Mobile TeleSystems (MBT +0.9%) is getting free and clear of its joint venture with Uzbekistan, selling its 50.01% stake for a "symbolic price," Interfax says.
  • That comes amid a series of investigations by the U.S. and other countries of the three mobile operators in Uzbekistan (MTS, Telia, VimpelCom) in a bribery scandal involving the daughter of Uzbek President Islam Karimov.
  • MTS had provided services through a subsidiary, Uzunrobita, under the MTS Uzbekistan brand. But the unit had its license suspended on charges of unpaid taxes in 2012, and went bankrupt. MTS then resumed service in Uzbekistan in December 2014 with the UMS joint venture.
  • All the staff of UMS with Russian citizenship have left Uzbekistan except the CEO, Interfax says.
  • Losses could come as high as 45B rubles ($688M), almost 9% of MTS overall market value.

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Mobile TeleSystems Public Joint Stock Company