South Korea poised to revoke LG Telecom's 3G license

Chris Ziegler
C. Ziegler|07.15.06

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South Korea poised to revoke LG Telecom's 3G license
As the saying goes, "You snooze, you lose." Such is the case for LG Telecom, Korea's 3rd-largest carrier behind SK Telecom and KTF, which purchased a license to deploy 3G services on the 2GHz band in 2001 for 1.15 trillion won ($1.2 billion, give or take), but has yet to do anything with said license. According to the terms of the license agreement, the services had to be in place by the end of last month, and an advisory board has subsequently given the thumbs-up to Korea's Ministry of Information and Communication to yoink the license. LG Telecom's CEO, Nam Yong, has said that deploying 3G at 2GHz would be counter to market trends and they'd like to upgrade their 1.8GHz network instead, but it appears the heart-of-stone MIC is going ahead with the revocation nonetheless. And here's the real kicker: Korean law stipulates that any company failing to make good on a 3G rollout remove its chief executive. Oh, but don't you worry about Mr. Nam; rumor has it he'll likely land comfortably somewhere within LGT's corporate parent -- you guessed it -- LG Electronics.
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