Etisalat has said that its Indian affiliate, Etisalat DB plans to challenge the charges filed by the Central Bureau of Investigation (CBI) against it in relation to the allocation of its 2G licence in January 2008.
According to the CBI?s estimates, the process of allocating 2G spectrum may have caused losses of $39 billion to the exchequer.
Etisalat purchased a 45 percent stake in Swan Telecom for about $900 million in September 2008, renaming it Etisalat DB the following year.
In a statement, the operator said, ?The charges relate to events that occurred at least one year prior to Etisalat’s investment in Swan. Etisalat had no knowledge of any wrongdoing in the licence application process and was not involved in it.?
