MUMBAI // Etisalat's Indian subsidiary rejected allegations made on Thursday by a national investigative agency that it had purchased the licence for second-generation (2G) mobile services at deflated prices, resulting in a significant loss for the Indian exchequer.
"The company is not party to the matter referred to, before the court," said a spokeswoman for Etisalat DB Telecom, a joint venture between Etisalat and Swan Telecom.
She said the company had "followed all [government] rules" and denied that it had received any preferential treatment in the allotment of the 2G licence. The licence was awarded before Etisalat entered into a partnership with Swan in India.
On Thursday, a lawyer for India's Central Bureau of Investigation (CBI) alleged that "undue favours" were granted to the company, allowing it to get the licence at a "low rate". The lawyer levelled the same accusation against Norway's Telenor, which owns a majority stake in India's Unitech Wireless, alleging that the granting of licences to the two companies resulted in a collective revenue loss of 71.05 billion rupees (Dh5.72bn) for the government.
Nearly a dozen telecoms operators are under suspicion of receiving 2G licences at throwaway prices, but Etisalat DB and Telenor are the first two companies to be officially named by the CBI in the scandal that resulted in the loss of an estimated US$39 billion (Dh143.24bn) to the Indian Treasury. The scandal has snowballed into a major embarrassment for the government and has resulted in a deadlock in parliament.
The CBI alleges that "an arbitrary condition" was set by Andimuthu Raja, the telecoms minister at the time the licences were awarded, to favour a few selected operators, including the firm that is now Etisalat DB. Mr Raja, who was sacked in November, was arrested by the CBI last week along with two aides from the telecoms ministry. He denies any wrongdoing.
The fresh allegations come after the Supreme Court of India issued a notice last month to Etisalat DB and 10 other private operators responding to a petition by a non-governmental organisation seeking the cancellation of the spectrum licences.
The allegations seem to have heightened the many procedural hurdles faced by the company in recent months in expanding in India, the world's fastest-growing mobile phone market after China. India has more than 700 million mobile subscribers, and 17 million are added every month.
In December, the telecoms ministry recovered $2.2 million from Etisalat DBbecause the company missed a deadline for rolling out 2G services in four zones. The ministry imposed similar penalties on Aircel, Uninor and Dishnet.
Last month, Mohammed Omran, the chairman of Etisalat, met Kapil Sibal, the new telecoms minister, in what analysts described as an urgent effort by Etisalat to escape its growing troubles in India. Mr Omran, who was accompanied by Mohammed Sultan al Owais, the UAE's ambassador to India, downplayed the meeting as a simple "courtesy call" to reaffirm the group's commitment to deliver its best services to Indian consumers.
Mr Omran has expressed a keen interest in acquiring a local mobile operator or merging Etisalat's India operations with such an entity. He was recently in talks with India's Reliance telecoms unit, but the talks stalled over a disagreement, details of which were not made public.
The biggest threat facing Etisalat, which has made a significant investment in India, is the cancellation of its licence, said Kamlesh Bhatia, an analyst in Mumbai for Gartner, a global technology research company.
Mr Sibal, the telecoms minister, recently said he was reviewing the licensing process and warned that some licences could be revoked.
Additionally, Mr Bhatia says Etisalat DB's profit may be significantly reduced because of increased competition and price wars with other private operators in India's crowded telecoms market.
business@thenational.ae
Iran's dirty tricks to dodge sanctions
There’s increased scrutiny on the tricks being used to keep commodities flowing to and from blacklisted countries. Here’s a description of how some work.
1 Going Dark
A common method to transport Iranian oil with stealth is to turn off the Automatic Identification System, an electronic device that pinpoints a ship’s location. Known as going dark, a vessel flicks the switch before berthing and typically reappears days later, masking the location of its load or discharge port.
2. Ship-to-Ship Transfers
A first vessel will take its clandestine cargo away from the country in question before transferring it to a waiting ship, all of this happening out of sight. The vessels will then sail in different directions. For about a third of Iranian exports, more than one tanker typically handles a load before it’s delivered to its final destination, analysts say.
3. Fake Destinations
Signaling the wrong destination to load or unload is another technique. Ships that intend to take cargo from Iran may indicate their loading ports in sanction-free places like Iraq. Ships can keep changing their destinations and end up not berthing at any of them.
4. Rebranded Barrels
Iranian barrels can also be rebranded as oil from a nation free from sanctions such as Iraq. The countries share fields along their border and the crude has similar characteristics. Oil from these deposits can be trucked out to another port and documents forged to hide Iran as the origin.
* Bloomberg
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Singham Again
Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
THE BIO
Favourite holiday destination: Whenever I have any free time I always go back to see my family in Caltra, Galway, it’s the only place I can properly relax.
Favourite film: The Way, starring Martin Sheen. It’s about the Camino de Santiago walk from France to Spain.
Personal motto: If something’s meant for you it won’t pass you by.
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Company%20Profile
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Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
Price: From Dh215,900
On sale: Now
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
SPECS%3A%20Polestar%203
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Company%20Profile
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UAE currency: the story behind the money in your pockets
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
The Laughing Apple
Yusuf/Cat Stevens
(Verve Decca Crossover)
COMPANY%20PROFILE
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Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
IPL 2018 FINAL
Sunrisers Hyderabad 178-6 (20 ovs)
Chennai Super Kings 181-2 (18.3 ovs)
Chennai win by eight wickets
BACK%20TO%20ALEXANDRIA
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From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
Getting%20there%20
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Dates for the diary
To mark Bodytree’s 10th anniversary, the coming season will be filled with celebratory activities:
- September 21 Anyone interested in becoming a certified yoga instructor can sign up for a 250-hour course in Yoga Teacher Training with Jacquelene Sadek. It begins on September 21 and will take place over the course of six weekends.
- October 18 to 21 International yoga instructor, Yogi Nora, will be visiting Bodytree and offering classes.
- October 26 to November 4 International pilates instructor Courtney Miller will be on hand at the studio, offering classes.
- November 9 Bodytree is hosting a party to celebrate turning 10, and everyone is invited. Expect a day full of free classes on the grounds of the studio.
- December 11 Yogeswari, an advanced certified Jivamukti teacher, will be visiting the studio.
- February 2, 2018 Bodytree will host its 4th annual yoga market.
How to come clean about financial infidelity
- Be honest and transparent: It is always better to own up than be found out. Tell your partner everything they want to know. Show remorse. Inform them of the extent of the situation so they know what they are dealing with.
- Work on yourself: Be honest with yourself and your partner and figure out why you did it. Don’t be ashamed to ask for professional help.
- Give it time: Like any breach of trust, it requires time to rebuild. So be consistent, communicate often and be patient with your partner and yourself.
- Discuss your financial situation regularly: Ensure your spouse is involved in financial matters and decisions. Your ability to consistently follow through with what you say you are going to do when it comes to money can make all the difference in your partner’s willingness to trust you again.
- Work on a plan to resolve the problem together: If there is a lot of debt, for example, create a budget and financial plan together and ensure your partner is fully informed, involved and supported.
Carol Glynn, founder of Conscious Finance Coaching
