The cost of caprice

How much damage has been done internationally to the country's standing and goodwill, because Mr Raja was allowed to get away with his antics while the prime minister and finance minister fiddled? Serious economies cannot behave irresponsibly. That is the lesson to be drawn from the international fallout of our domestic telecom scandal. Within a week of the Supreme Court cancelling 122 telecom licences because of how they were issued, Bahrain Telecommunications Company has pulled out its investment in S Tel, and Etisalat of the UAE has written off investment of $827 million in Etisalat DB, in which it holds a 45 per cent stake.

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