LG Telecom, one of the largest mobile phone networks in Korea, are set to lose their 3G license due to inactivity.
LG purchased the license for a staggering $1.2 billion in 2001 but have yet to do anything with it. The contract behind the license states that it will be revoked if LG failed to use it by the end of June 2006. This date has passed and Korea has now been given clearance by their OFTEL equivalent to remove the license.
This appears to be an amazing waste of money by LG who must not have believed that the license would be revoked.
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