This as the NTC dismissed the charges filed by former Nextel chief executive officer Antonio Urera questioning the company’s 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 Nextel’s 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.