The US Federal Communications Commission (FCC) fined UK-based eSIM provider Truphone $600,000 and imposed strict compliance conditions after the company failed to accurately disclose stakes held by Russian investors and transferred licences without the regulator’s blessing.
Truphone received notice of potential action by the FCC earlier this year, after the regulator ruled the innacuracies about stakeholders had resulted in the improper transfer of licences.
In addition to the fine, the FCC ordered Truphone to divest stakes held by Russian investors Roman Abramovich, Alexander Abramov and Alexander Frolov.
Truphone also agreed to provide the FCC with paperwork required for it to review the company’s ownership structure, a move which could see further action by US authorities.
The FCC stated the settlement agreed with Truphone resolved a Notice of Apparent Liability issued earlier this year which called for action over internal monitoring of stakeholders.
At the time, Truphone explained former Chelsea Football Club owner Roman Abramovich had been a minority shareholder since 2013 through his investment vehicle Minden Worldwide and it had appointed advisers to review its position.
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