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The judge overseeing Vodafone’s court battle with the competition regulator over a proposed merger with TPG questioned TPG founder David Teoh when the billionaire boss told a courtroom Thursday mobile technology was rapidly evolving, a remark seemingly at odds with the teleco’s claim that it had no viable option in the next five years for resuming a stalled network rollout.
The reclusive head of TPG Telecom, David Teoh, faced the spotlight on Wednesday to give evidence in a case over the company's planned $15 billion merger with Vodafone, telling a court under questioning that his company had not budgeted for a 5G network when it first made plans to enter the retail mobile network market.
The competition regulator's opposition to the proposed $15 billion merger of telecommunications companies Vodafone and TPG was based on "mere possibilities" and was "chock full of speculation", the Federal Court heard Tuesday.
A judge has given the all-clear to an investment management company to access evidence for potential legal action against the National Stock Exchange of Australia after the firm's shares were suspended without warning or explanation.
Allowing Vodafone's proposed $15 billion merger with TPG to go ahead if there were a real chance that TPG could seriously compete in the market for mobile services would have "profound social consequences," the competition watchdog told the Federal Court Friday as it unsuccessfully sought to push back a hearing over the deal.
Embattled wealth manager AMP has revealed its fees for no service scandal could cost the firm more than $1 billion in customer remediation, and that it might be facing another fees scandal.