The Malawi Communications Regulatory Authority (MACRA) has fined Airtel Malawi Limited the sum of K500 million for failing to comply with the minimum local shareholding requirements.
A statement by MACRA said the company was also fined K20 million for every 14 days it will remain in breach of the requirement.
The statement said Airtel Malawi has since paid a total of K820 million following the accruement of the fines.
Under the Communications Act 2016 and the telecommunications and broadcasting Licensing Regulations which came into effect in 2016, it is a requirement for providers of electronic communication services to have a minimum of 20% local shareholding.
MACRA said Airtel had had up to November 25, 2018 to comply with the minimum local shareholding requirement.
In January 2019 Airtel appealed to the Authority to reconsider the fine imposed by the Authority but in July 2019, the Authority confirmed its decision made in December 2018 and upheld Airtel’s fine.
“In the same month, Airtel paid the sum of K820 million as payment of the fine imposed by the Authority,” the statement reads.