Qualcomm may dump Metrosviaz

According to

Reuters

, U.S. wireless communications company Qualcomm Inc. will be evaluating its $50 million stake in Russia's Metrosvyaz following a decision by Leap Wireless International Inc. to withdraw its support for the Russian wireless firm on the grounds of "serious financial irregularities." Qualcomm is quoted as saying that the results of its inquiry may result in a one-time write down in the fourth fiscal quarter of 1999. Leap, an affiliated company of Qualcomm, said Wednesday it had ceased funding its loans to Metrosvyaz, in which it has a 35 percent stake. Metrosvyaz, which is attempting to establish joint ventures in Russia to operate a wireless local-loop service, announced in April its plans to strike similar deals in 26 Russian regions. According to Leap, it had started a special audit of Metrosvyaz's books and contracts. The normal year-end audit of Metrosvyaz and the preliminary results of the special audit have disclosed serious financial irregularities, Leap alleged.

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