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Science ministry to revoke license of new mobile carrier Stage X due to funding questions

The science ministry said Friday it will cancel the license of Stage X as a new mobile carrier, saying the company failed to pay a paid-in capital.

The ministry said it will begin a procedure to revoke the license of Stage X before formally canceling it. Stage X has not paid a paid-in capital of 205 billion won (US$149 million), the ministry said in a statement.

Earlier this year, Stage X, a consortium comprising mobile virtual network operator Stage Five and other partners, secured the 28 gigahertz spectrum band for the 5G network in an auction hosted by the ministry.

Stage X had been expected to become the country’s fourth mobile carrier, following SK Telecom Co., KT Corp. and LG Uplus Corp.

Source: Yonhap News Agency