Global eSIM provider Truphone is being fined $600,000 by the Federal Communications Commission (FCC) in the US, over inaccurate disclosures of its ownership and transfer of a US spectrum licence without approval.
As well as the fine, the settlement means the company must divest ownership by three Russian billionaires- Alexander Abramov, Alexander Frolov and Roman Abramovich.
The FCC is investigating telecoms companies for inappropriate foreign ownership, with a sharp focus on Russian investors due to the invasion of Ukraine.
Mobile News has previously reported on a potential sale of Truphone following sanctions on the three Russian billionaires involved in the business.
In April, the FCC revealed it was investigating Truphone for allegedly exceeding statutory limits for ownership by foreign entities of interests in FCC-issued licences without Commission approval.
In a recent statement, the FCC said: “Truphone admits that it violated the Commission’s rules as described.”