GlobeTel’s Russian wireless investment deal cancelled

2 May 2006

US-based GlobeTel Wireless has released a statement confirming that its Russian investment partner Internafta has defaulted on an agreement to fund the rollout of a WiMAX network in 30 Russian cities. Under the December 2005 deal Internafta should have paid GlobeTel a first installment of USD150 million in January 2006 to begin the rollout of a network to support services such as broadband internet access, VoIP and DECT telephony, but after granting the Moscow-based company an extension to come up with the money, GlobeTel says it instructed its lawyers to end the process to allow it to negotiate with other potential investment partners for the wireless project.

Russia, GlobeTel (Russia)