Satellite company suffers $230 million damage in Russia

British satellite startup OneWeb took a $229 million writedown after Russia scrapped its launch plans and took 36 of its spacecraft hostage earlier this year.

The disruption comes after OneWeb canceled a launch at a Kremlin-controlled launch pad in Kazakhstan in March after it rejected Russia’s demand for the UK to sell its stake in the company.

That has delayed a number of planned launches, caused insurance costs and left the satellites in Russian hands, OneWeb said in a report released yesterday.

The London-based company is owned by the UK government along with other investors including Indian telecoms group Bharti, Softbank and French satellite operator Eutelsat, which agreed to a merger with OneWeb in July. Britain keeps its golden share.

https://www.independent.ie/business/satellite-firm-takes-230m-russia-hit-41957828.html Satellite company suffers $230 million damage in Russia

Fry Electronics Team

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