Cook Islands cash deal backfires for Telecom New Zealand

, posted: 4-Apr-2006 10:34

TVNZ reports that Telecom New Zealand offered the Cook Islands government NZ$4 million in cash in return for keeping its telecommunications monopoly on the island.

According to the TVNZ report, Telecom's 60 per cent owned subsidiary Telecom Cook Islands makes an NZ$8 million profit from just 12,000 users. That's NZ$667 per user, in a small Pacific Island nation with 15,000 or so people and a GDP of around NZ$8,000 per capita.

This revelation is highly embarrassing for Telecom and will inevitably lead to questions if similar deals are offered in other countries where Telecom operates... and has a monopoly.

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