This is confirmed by ICANN itself at https://www.icann.org/resources/agreement/tel-2016-12-01-en which states:
Effective 28 February 2017, the Registry Agreement was assigned by Telnic Limited to Telnames Limited, which now operates the .tel top-level domain.
When I made the recent post at http://www.tel.community/t4572-telnic-writes-off-3539443-loan#17372 I was curious as to WHY Telnic Ltd would write off a £3,539,443 loan to Telnames Ltd ?
I wrote the text below and quoted the reason given by Telnic Ltd. in their annual accounts that I had just read:
As we know Telnic Ltd had a NEGATIVE NET WORTH of £-636,500 - see https://companycheck.co.uk/company/03555437/TELNIC-LIMITED/financials - this is known as ACCOUNTING INSOLVENCY - see http://www.recoveryandturnaround.co.uk/news/what-is-insolvency
The reason for this downward shift in an already precarious financial position becomes clear when you read the accounts - Telnic Ltd have written off a loan of £3,539,443 made to their wholly-owned subsidiary Telnames Ltd "due to a new contract which will result in reduced activity in the subsidiary".
The reason given above in Telnic Ltd's accounts doesn't exactly tally with the ICANN statement - IF the loan is being written off due to "reduced activity in the subsidiary" then HOW is this squared with the transfer of the .Tel Registry agreement from Telnic Ltd to this same subsidiary Telnames Ltd ?
So at the drop of a hat the .TEL REGISTRY has gone from NEGATIVE NET WORTH (KNOWN AS "ACCOUNTING INSOLVENCY") of £-636,500 shown at https://companycheck.co.uk/company/03555437/TELNIC-LIMITED/financials to POSITIVE NET WORTH of £64,100 shown at https://companycheck.co.uk/company/07471889/TELNAMES-LIMITED/financials !
I DO WISH TELNIC/TELNAMES WOULD STOP PLAYING ACCOUNTING GAMES AND JUST GET ON WITH THE ESSENTIAL PRO-ACTIVE MARKETING NEEDED OF THE .TEL GTLD IN IT'S POST-13 MARCH FORM !
IS THIS CUNNING APPROACH TO BUSINESS THE ONLY WAY TELNIC/TELNAMES KNOW HOW TO OPERATE ?
http://MikeSeaton.tel