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Thursday, November 5, 2015

MTN Must Pay $5.2 Billion Fine - South Africa

Mr. Matamela Cyril Ramaphosa.

The Deputy President of South Africa, Mr. Matamela Cyril Ramaphosa who is a former chairman of MTN has said that MTN Group Ltd., Africa’s biggest mobile-phone company must pay the US$5.2 billion fine in Nigeria, because MTN must follow the rules in countries where it does business, Bloomberg reported on Wednesday.
“We will obviously be taking note of what is happening with a view of seeing how the company involved responds and reacts in this matter,” Ramaphosa told lawmakers in Cape Town on Wednesday. “We would like our companies to comply with the laws and regulations of countries where they operate, without violating those.” 
MTN and the other three GSM service providers, including Globacom, Airtel and Etisalat operating in Nigeria signed an agreement that set the fine at 200,000 naira (about $1,000) for each unregulated SIM card in 2011. The regulations are aimed at helping law enforcement and security forces to track criminals.

MTN has 62 million subscribers in Nigeria, which is the biggest market of the GSM company. The NCC has given MTN until November 16, 2015, to pay the US$5.2 billion fine.

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