Etisalat's Indian unit could face a US$1.6 billion (Dh5.87bn) fine for alleged foreign exchange violations related to the sale of wireless permits. India's Enforcement Directorate, which has authority over foreign exchange fraud and money laundering, imposed the 70bn rupee fine on Etisalat DB Telecom India for various charges that it says violate the Foreign Exchange Management Act 1999, the Press Trust of India reported.
The penalty had been ordered for 'suspected contravention' of foreign exchange rules inside and outside India by the company.
'Neither Etisalat nor Etisalat DB have received any official communication and is therefore unable to comment at this time. Etisalat … wishes to reiterate it always abides by the laws and regulations of the markets in which it invests,' the company said. Etisalat owns 45 per cent of Etisalat DB.
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