NTC dismisses charges vs Nextel
May 8, 2003 | 12:00am
The National Telecommunications Commission (NTC) has finally settled the dispute regarding the ownership structure of Nextel Communications Phils. Inc.(now known as Next Mobile, Inc.) after it ruled that the mobile phone company has fully complied with the constitutional limitations on foreign ownership.
This as the NTC dismissed the charges filed by former Nextel chief executive officer Antonio Urera questioning the companys shareholding structure.
"This means victory for all our customers. The NTC order confirmed what we have been saying all along," Nextel vice-president for legal Atty. Justinian Adviento said.
He added that the Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) have also issued numerous opinions stating that corporations with shareholding structures similar to Nextels are considered of Philippine nationality and are not in violation of any law.
However, the congressional committee on transportation and communications at the House of Representatives is scheduled to conduct a separate investigation on the very same issue ruled upon by the NTC with Nextel president and CEO Mel Velarde summoned to appear.
Velarde did a successful management buy-out of Nextel from the former owners (who early on were already in compliance with the limitations on foreign ownership), as a result of which, the company is now wholly Filipino-owned.
This as the NTC dismissed the charges filed by former Nextel chief executive officer Antonio Urera questioning the companys shareholding structure.
"This means victory for all our customers. The NTC order confirmed what we have been saying all along," Nextel vice-president for legal Atty. Justinian Adviento said.
He added that the Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) have also issued numerous opinions stating that corporations with shareholding structures similar to Nextels are considered of Philippine nationality and are not in violation of any law.
However, the congressional committee on transportation and communications at the House of Representatives is scheduled to conduct a separate investigation on the very same issue ruled upon by the NTC with Nextel president and CEO Mel Velarde summoned to appear.
Velarde did a successful management buy-out of Nextel from the former owners (who early on were already in compliance with the limitations on foreign ownership), as a result of which, the company is now wholly Filipino-owned.
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