Dominican Telecom regulator halts TV network deal fraught with intrigue
Santo Domingo.- Ending months of legal wrangling and intrigue, the Dominican Telecom Institute (INDOTEL) on Sunday announced its refusal to authorize the change of corporate control of the State-owned TV network Antena Latina Channel 7, requested by Elkton Investments, owned by7 José Miguel Bonetti Dubreil.
In a letter dated April 9 to Elkton Investments representative Roberto Risik Cabral, INDOTEL executive director Alberty Canela returned the file in which the company requests the transfer of stakeholder control of Inter Antena Holding Company,
"We hereby return the administrative file consisting of the request to authorize a change of social control submitted by for Elkton Investments, without the need for a thorough consideration,…" notes the telecom regulator in a statement.
IINDOTEL said Elkton Investments “must refrain from any action aimed at materializing such unauthorized transfer of shareholder control, without the applicant having such prior approval."
Although lNDOTEL’s document doesn’t cite it, the company Coral Bay Asset submitted a challenge to the agency to halt any negotiation, transfer, or assignment of Antena Latina Channel 7’s management.
The Antena Latina scandal broke with investigative reporter Alicia Ortega was forced out of the network, prompting veteran journalist Marino Zapete to divulge “illegal” maneuvering to take over the company, which became state property after the US$2.5 billion Baninter bank fraud case.