South Korea’s science and telecommunications ministry has said that it has cancelled the overseas sale of a satellite by the nation’s second mobile carrier, KT Corp.
It also cancelled some of the frequency bandwidths allotted to the mobile carrier after it sold a retired communications satellite to a foreign company without informing the government.
KT is accused of improperly selling the Mugungwha 3 satellite to Asia Broadcast Satellite, a Hong Kong-based satellite operator, in 2010. The deal was in breach of related laws that required the former state-owned telecom giant to notify the government of the change of ownership of the satellite, according to the Ministry of Science, ICT and Future Planning.
KT also failed to inform the government that it handed over ownership of two other communications satellites to its affiliate.