HONG KONG-Hong Kong’s telecom regulator the Office of the Telecommunications Authority said it would waive the submission of performance bonds due in October from the four third-generation services licensees. The bonds are in respect of the sixth and seventh license years.
“We have decided to give the 3G licensees another one-year waiver on the submission of performance bonds to assist the industry in response to changing market conditions,” said OFTA. “The extension of waiver for one more year is an exceptional treatment unlikely to be offered next year in respect of the performance bond due in October 2004.”
Hong Kong’s 3G licensees have either submitted performance bonds to guarantee payment of their spectrum fees for the first five years or paid upfront fees for the first five years.
OFTA said the waiver does not affect government revenues because the licensees are still required to pay the full fee for all years within the 15-year license period.
