MTN hit with R71 billion fine: report

BlackJack1301 said:
Let's not jump to conclusions just yet...

1. Did the president read this ammount? It might only be R750...

2. Is this not the other way around and maybe MTN won R71 billion because they might be related to a Nigerian prince?
Click to expand...

1040000000000 Nigerian Naira equals
71067796800.000 South African Rand
 
koeksGHT said:
lol. Bad customer service, whatsapp crap, now the fine. Their time has come.
Click to expand...

Don't forget the mid contract price increase.

MTN share price closed 12.49% down: http://www.moneyweb.co.za/news/companies-and-deals/mtn-confirms-nigerian-unit-fined-5-2bn/.

If you want to find out possible exposure in your Unit Trusts (as at end June 2015, so it might be a bit changed now), search for MTN here under Search ALL LISTED COMPANIES:

http://www.moneyweb.co.za/tools-and-data/unit-trust-portfolio-tool/

My only fund exposure was in Coronation Top 20 where it had a 6.62% weight, luckily Coronation Top 20 is just 25% of that RA, thus my exposure in total to MTN is around 1.655%...
 
supersunbird said:
Don't forget the mid contract price increase.

MTN share price closed 12.49% down: http://www.moneyweb.co.za/news/companies-and-deals/mtn-confirms-nigerian-unit-fined-5-2bn/.

If you want to find out possible exposure in your Unit Trusts (as at end June 2015, so it might be a bit changed now), search for MTN here under Search ALL LISTED COMPANIES:

http://www.moneyweb.co.za/tools-and-data/unit-trust-portfolio-tool/

My only fund exposure was in Coronation Top 20 where it had a 6.62% weight, luckily Coronation Top 20 is just 25% of that RA, thus my exposure in total to MTN is around 1.655%...
Click to expand...
Good time to buy MTN stocks?
 
Cyril Ramaphosa's phone must have been ringing off the hook with Sifiso Dabengwa trying to get Government to intervene.

Did MTN refuse to disconnect the lines and thus got fined? And then only did it last minute to try and comply? Only thing I can think of that would piss the regulator off that much to fine them that amount
 
About a quarter of the value of the entire MTN group.

This sounds more like a Mugabe style "hand over 50%" grab than a fine to me.

Stock market seems to think it'll be negotiated down though. Either way people will think twice about venturing onto that turf...
 
You know what they say.Aim high, like really high so when you miss you still hit medium.
 
This is an outrage. It's nothing less than a mugging by a thuggish and corrupt regime.

Basically, the cell company is fined billions for being slow to cut services to five million of its Nigerian customers simply because those customers have not complied with Nigeria's RICA-type fatwa.

How dare the government of Nigeria interpose itself in the commercial agreements between the company and its customers! The arrogance is staggering. Just as in SA, the Nigerian SIM registration law is unjust and unwarranted. It is a bad law by a corrupt Big Brother state. Just as in SA.

In most civilised countries compulsory SIM registration with government is regarded as an intolerable intrusion on basic human liberty.

Anyone with even a primitive sense of justice cannot but be shocked by this banditry.

Were I president of SA I'd have the Nigerian High Commissioner and his entire staff out the country in 24 hours, and a freeze on all Nigerian assets in SA. This kind of naked banditry under guise of law is beyond the pale.

But of course we have our own RICA law, compelling SIM registration with our own overlords. Our own government is hopelessly tainted and compromised by the same bad laws, so it can never take a stand on principle. I'm disgusted.
 
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