Subject: [NEXTEL-1] Nextel Admits To Violating Foriegn Ownwership Rules in SEC Filing

From: Marcel <[email-masked]>
Date: Sun, 17 Nov 2002 01:51:32 -0500

Wednesday, March 6, 2002
 SPIN
 By Larry V. Sipin
  No tomorrow for May bukas…

There’s this ironic problem facing industry player Nextel. Whereas lack of investment is a
perennial problem, Nextel is in trouble for allegedly having moreforeign capital than
allowed by law which says 60 percent Pinoy, 40 percentforeign for vital utilities
companies. Reportedly, the foreign partner, US-basedNextel International Inc., informed
the US Securities and Exchange Commission in its latest mandatory annual disclosure that
it owns 59 percent of its Philippine subsidiary, a violation of the cap.

National Telecommunications Commission (NTC) is now investigating the local Nextel.
Franchise suspension looms for this struggling telecoms provider which has already laid
off many employees to beginwith and has been renting out part of its offices to help meet
overhead. For now, the remaining employees can only hope that NTC would not close down
their employer pending the resolution of issues on direct and indirect ownership now
tabled before the commission.
Maybe,  May Bukas… can take off where it stopped with a continuation of the
telecoms discussion zeroing in on the quirk of over-investment

http://www.manilatimes.net/national/2002/mar/06/opinion/20020306opi3.html

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