BEIJING--China Unicom, China's No. 2 phone company, told more than two dozen foreign partners that they won't receive any money earned from joint ventures, the Asian Wall Street Journal reported, citing a letter sent to the companies. The firms, including France Telecom SA, Motorola Inc., Nippon Telegraph & telephone Corp., and Cable & Wirless HKT Ltd., have invested more than US$1.4 billion in 30 joint ventures with China Unicom. Unicom said in the letter that it can't ``make any distribution of cash flow newly generated by the cooperative project after Oct. 1.''
China's regulators ordered China Unicom to terminate its joint ventures with foreign firms by the end of September saying those ventures violated government regulations forbidding foreign investment in China's telecom infrastructure.
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