NEW YORK-Metromedia International Group Inc. said it received notification from China Unicom stating a department of the Chinese government requested termination of one of Metromedia International’s four joint telecommunications projects.
“The notification letter from China Unicom requested that negotiations begin immediately regarding the amounts to be paid to Metromedia International’s joint venture, including return of investment made and appropriate compensation and other matters related to the winding up of the joint venture’s activities as a result of this notice,” stated Metromedia.
The notification letter involved Metromedia’s joint venture in Ningbo City, where its Ningbo Ya Mei Telecommunications Ltd. operation provides equipment, financing and technical services to China Unicom to support its Global System for Mobile communications cellular operations there.
Metromedia said it expects its other three projects will receive similar letters.
