LILONGWE, Oct. 8 (Xinhua) -- The Malawi Communications Regulatory Authority (MACRA) has fined Airtel Malawi Limited, one of the country's main mobile phone companies, a total of 820 million Malawi kwacha (about 1.1 million U.S. dollars) for failing to comply with the minimum local shareholding requirements.
"Under the Communications Act (of) 2016 and the telecommunications and broadcasting Licensing Regulations, it is a requirement for providers of electronic communication services to have a minimum of 20 percent local shareholding," MACRA said in a statement on Tuesday.
In 2014, upon the renewal of its telecommunications license, Airtel committed itself to have a minimum of 20 percent local shareholding which it did not comply with, MACRA added.
The company had up to Nov. 25, 2018 to comply with the requirement but failed. MACRA then fined it 500 million Malawi kwacha (about 0.68 million dollars) for the offense.
The authority also imposed a fine of 20 million Malawi kwacha (about 27,000 dollars) for every 14 days until July 2019 if the company remains in breach of the requirement.
Airtel Malawi Limited is expected to pay more if it continues to breach the conditions of the license, MACRA said.