Kang Dohyun, the Second Vice Minister of the Ministry of Science and ICT, briefs on the upcoming cancellation of Stage X as the candidate for the fourth mobile carrier. Yonhap News
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, ‘The Ministry of Science and ICT has ultimately cancelled the selection of Stage X as the fourth mobile carrier. The ministry announced on the 31st through a press release that they have informed Stage X of this decision and refunded the 43 billion won paid as the frequency allocation fee.’,
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, ‘Song Doyoung, the representative lawyer of law firm Bit, who presided over the inquiry to cancel the selection of the target corporation, stated in the final opinion submitted to the Ministry of Science and ICT that “Stage X did not fulfill the necessary requirements as a frequency allocation target corporation according to the relevant regulations, and it is appropriate to cancel the selection due to violations of the agreement.”‘,
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, ‘The Ministry of Science and ICT had notified Stage X in advance on the 14th of last month that they would cancel the selection of the target corporation for not meeting the necessary requirements for frequency allocation, such as the incomplete payment of capital stock, and subsequently held an inquiry process presided over by lawyer Song Doyoung.’,
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, ‘Following the inquiry held on the 27th of last month, Stage X went through the process of viewing and correcting inquiry documents on the 17th and 18th of this month. On the 24th, lawyer Song, who presided over the inquiry, submitted the opinion to the Ministry of Science and ICT.’,
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, ‘The Ministry of Science and ICT stated that they will examine if there are any institutional deficiencies in the process of selecting telecom operators as a result of this cancellation of selecting the fourth mobile carrier.’,
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, ‘To comprehensively discuss improvements in the frequency allocation system and future communication policy directions, the Ministry of Science and ICT has established a research team composed of academics and relevant officials in the fields of economics, management, law, and technology, and commenced operations on the same day.’,
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, ‘Stage X, which was selected as the target for allocation through the 5G 28MHz frequency auction with the highest bid amount of 430.1 billion won on January 31st, lost its qualification for selection due to not having paid the capital stock of 205 billion won and significant discrepancies in the ownership structure and shareholding ratios of shareholders compared to the contents of the frequency allocation application.’,
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, ‘In response to the authorities’ decision on this day, Stage X expressed deep regret in a statement, stating that they will proceed with interim injunction applications, claims for damages, and in-depth discussions with related shareholders, including Stage Five, through consultations.’,
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