Court rejects GO’s request to recover SAR 50 mln guarantee

Etihad Atheeb Telecommunication Co. (GO) said in a bourse filing that a Saudi court rejected its request to retrieve a SAR 50 million bank guarantee, extended to the telecom regulator for spectrum purchase.

The company was awarded in June, additional spectrum for SAR 2.1 billion, but failed to pay the first installment as it fell due.

The regulator decided to recover the spectrum and confiscate the guarantee.

Go challenged the decision, but today's ruling upholds the regulator's action.