BNamericas writes that wireless start-up Laqtel has had its licence revoked. A statement by the islands’ telecoms regulator TATT, confirmed it had seized equipment from the firm’s Port of Spain offices because of its failure to pay an outstanding bond and court ordered fines of almost TTD1 million (USD160,000). According to the statement, Laqtel failed to meet a 10 March deadline to secure financing for paying the bond.
Since being awarded a licence in June 2005, Laqtel has encountered numerous financial difficulties which has led to several missed deadlines for the launch of services. On 5 November 2007 a local court fined the company TTD150,000 for failing to deposit a TTD4 million concession guarantee in January 2006 and set a TTD10,000 per day fine for every day it remained in default on the bond payment.