The National Communications Commission (NCC) yesterday said Morgan Stanley had delayed the submission of the required supplementary information for its proposed acquisition of China Network Systems (CNS) “several times without legitimate reasons,” adding that it would strictly scrutinize the company’s investment in the multiple system operator despite its absence.
The Investment Commission last month suspended the review of the case and returned it to the NCC for a second review, on the grounds that it might violate the Cable Radio and Television Act (有線廣播電視法), which bans investment in media outlets by the government, political parties and the military.
The Investment Commission specifically mentioned that Far EasTone Telecommunications Co, which contains government funding and is the largest investor in the deal, appeared to circumvent regulations by subscribing to corporate bonds issued by a Morgan Stanley subsidiary.
NCC spokesperson Wong Po-tsung (翁柏宗) said that the NCC officially notified investors on Sept. 26 that they needed to quickly supply the relevant information, including the contracts between Morgan Stanley and Far EasTone, and between Morgan Stanley and the banks, as well as the contract governing the telecom’s purchase of corporate bonds.
Contracts submitted to the commission must be in English and Chinese, he added.
Wong said the NCC sent another official document on Oct. 3 urging Morgan Stanley to supply the required information within three days of receipt of the notification.
Although the company on Oct. 5 said that it would provide the required information as soon as possible, the commission said it has seen none of it so far, he said.
“The public has been paying close attention to this case. We hope that the applicant can quickly submit the required information to help us ascertain the facts of the deal,” Wong said, denying that the NCC has lost patience with the applicant.
The NCC reiterated in an official statement that it plans to investigate relations between Morgan Stanley, CNS and Far EasTone over the proposed acquisition.
NCC specialist Niu Hsin-ren (牛信仁) said that Morgan Stanley should have the required information at hand already, because it mentioned the existence of the documents when it filed its first application last year.
“The delay in submitting this information could cause misunderstandings,” Niu said.
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