[Alpha Biz= Reporter Kim Jisun] The Ministry of Science and ICT announced that it will cancel the frequency allocation for StageX, which was designated as the fourth mobile carrier.
On June 14th, the ministry held a briefing stating that after reviewing the necessary documents submitted by StageX on May 7th, it was determined that StageX did not fulfill the requirements specified by the law, leading to the cancellation of its selection.
In February, StageX had been selected as the frequency allocation recipient through a mobile communication frequency auction for the 28 MHz band, offering the highest bid of 43.01 billion won.
According to the frequency allocation notice, StageX submitted the required documents to the Ministry of Science and ICT on May 7th, including the receipt for payment of the frequency allocation fee (430.1 billion won, 10% of the allocation fee), the corporate register certificate, proof of share capital payment, and a commitment letter to fulfill the allocation conditions.
The Ministry emphasized that StageX significantly failed to meet the declared capital of 205 billion won as stated in its frequency allocation application, with only a fraction of the amount being paid.
Upon requesting clarification from StageX regarding the discrepancy between the declared and actual paid capital, StageX responded that it would complete the payment by the third quarter of this year.
The Ministry of Science and ICT has informed StageX in advance of its intention to cancel the selection as the frequency allocation recipient and will proceed with a formal review under administrative procedures to make a final decision on the cancellation.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
