MTN wants to reduce its $5.2 billion fine by 80%
MTN is looking to have its $5.2 billion Nigerian fine reduced by as much as 80%, according to Bloomberg.
Citing banking sources that spoke to Renaissance Capital, the news group reported that MTN was pushing to have the $5.2 billion fine reduced by 60% to 80%.
This would put the fine in the range of $1 billion (R13.8 billion) to $2 billion (R27.6 billion).
A second banking source said the telco was considering borrowing from banks to pay the fine.
MTN has been given until the 16th of November to pay the 1 trillion naira fine imposed on it by the Nigerial Communictions Commision, relating to the timing of the disconnection of 5.1 million MTN Nigeria subscribers, who were disconnected in August and September 2015.
MTN says that it is continuing to engage with the NCC – while slow communication out of the company regarding the issue caused investors to panic, leading to a massive drop in the company’s share price.
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