Aussie Broadband has taken rival internet broadband provider Superloop to court, claiming an order by the smaller company to slash its stake could cost it $3.7 million.
Already a subscriber?Aussie Broadband has taken rival internet broadband provider Superloop to court, claiming an “oppressive” order by the smaller company to slash its near 20 per cent stake could cost it $3.7 million in capital gains tax.
Superloop said it was issuing the order because Aussie Broadband had not secured approval from Singapore’s Info-communications Media Development Authority before proceeding with the February share purchase. Aussie Broadband’s lawyers replied on March 6, stating that “any potential, technical non-compliance with Singaporean law was inadvertent”. It does not expect the share purchase to raise any competition or public interest concerns in Singapore.
Aussie Broadband informed IMDA of a breach of the Singaporean Telecommunications Act on March 12, telling it in a letter that it “was not aware of the requirement to obtain IMDA’s prior approval when it acquired shares in Superloop”. It formally sought IMDA’s approval on March 18.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
ABB SLC ASX: Superloop tells Aussie Broadband to slash stake below 12pcAussie Broadband failed to comply with Singaporean regulations on share purchases when it bought a near 20 per cent stake in rival Superloop in February.
Read more »
‘Back in a big way’: Clutch Aussie explosion sparks late comeback; NBA pecking order clear: WrapNBA: Bismack Biyombo has collapsed during the Thunders game against Portland and was helped to the locker room by teammates.
Read more »
‘Nobody is bigger than the team’: Horner defiant after Verstappen quit threatF1: Max Verstappen claimed the Saudi Arabian Grand Prix, while Aussie Oscar Piastri finishing fourth.
Read more »
First MotoGP points of the season decided as star reveals close calls in sprint winF1: Max Verstappen claimed the Saudi Arabian Grand Prix, while Aussie Oscar Piastri finishing fourth.
Read more »
McLaren weakness hurts Piastri podium charge; Ricciardo woe explained: F1 talking pointsF1: Max Verstappen claimed the Saudi Arabian Grand Prix, while Aussie Oscar Piastri finishing fourth.
Read more »
Redemption for out-of-form duo but top order woes exposed: Aussie Player RatingsCricket: On the cusp of lunch on Day 4, Mitch Marsh breathed a huge sigh of relief after he survived a tight DRS call.
Read more »