Hellenic Telecommunications Organization SA (ASE: HTO, NYSE: OTE), the Greek full-service telecommunications provider, announces that a penalty of Euro 3 million was imposed to the Company by the Hellenic Telecommunications and Post Commission (EETT) for failure to comply with the previous regulation regarding the carrier pre-selection service. The specific regulation is no longer applicable since a new regulatory regime was enacted on January 17, 2006.
OTE believes that the decision of the Greek telecommunications regulator is unfair to the Company, and intends to take legal action against it.