A leading mobile phone network company, Airtel Malawi, has paid K820 million fine which Malawi Communications Regulatory Authority (Macra) had imposed for breach of the Communications Act on shareholding obligations.
The Communications Act partly states that 20 percent of its shareholding should be local.
Macra director general Godfrey Itaye has confirmed the development.
“Airtel Malawi has been fined the sum for their failure to comply with the 20 per cent minimum local shareholding requirements,” said Itaye at a news conference in Blantyre on Tuesday.
He said Macra imposed a K500 million fine to Airtel Malawi and further imposed a fine of K20 million for every 14 days that the company remained in breach of the shareholding requirement.
The Macra director general said Airtel Malawi has since paid the fine but risks paying more if they continue failing to comply with the shareholding law.Follow and Subscribe Nyasa TV :