South Korea’s government is to fine Korea Telecom (KT Corp) for the unauthorised sale of two old satellites. KT Corp sold the two craft without informing the government.
The two satellites (Mugungwha 2 and 3) were sold for $4.24 million and had been retired from the KT fleet. Officially, KT Corp should have notified the government of any sale within 15 days, which the mobile operator failed to do.
However, despite the sale of the satellites soaking up considerable parliamentary time, the fine is inconsequential. The Ministry of Science, ICT and Future Planning has set 15 million Won as the fine, but this translates to just $7000.