$5.2 billion fine on Nigerian firm is world's largest (Does your EM fund own MTN telecom?)

Old_Joe

"LAGOS, Nigeria (AP) — Nigeria's fine of $5.2 billion against MTN, Africa's largest telecommunications company, is billions more than any company has been hit with anywhere in the world and may scare off investors, analysts say.

MTN was fined for having 5.2 million active but unregistered SIM cards. The cards are a matter of national security as they can be used by extremists."

"The fine's size may be attributed to the fact that unregistered SIM cards are a question of security in Nigeria and may have caused deaths."

"Boko Haram Islamic extremists use cell phones to activate bombs and coordinate other attacks, say law enforcers."

Link to Article

Edit: The above link is to the SF Chronicle, and may not be viewable without subscription. Below is another link, to Fox News (of all places!) with essentially the same information:

Link to Fox News article

VintageFreak

If you ever meet anyone fro Africa, ask them about Nigeria and watch their reactions. The reputation of that country and the stereotype of a Nigerian seems to be one pointing to extreme corruption. Needles to say this creates unconscious bias.

Crash

I dumped TRAMX a while ago. I don't see MTN Group in their portfolio, now. It HAD been, I recall.
http://portfolios.morningstar.com/fund/details?culture=en-US&t=XNAS:TRAMX&region=usa

VintageFreak

TRAMX M* category is "Miscellaneous Region". Enough said.