Smart sold for €1 after High Court rejects 3G licence bid

It has been a dramatic day for Smart Telecom after the High Court has turned down its claim for a 3G mobile phone licence and the company was then bought by one of its shareholders for €1.

The High Court said Comreg was right in its original decision to withdraw the offer of a 3G mobile licence to Smart in February, after the company had problems paying a €100m bond.