Millicom corruption scandal

Telecom and media company Millicom, in which Kinnevik is a major shareholder, has reported its joint venture partner in Guatemala to Swedish and US anti-corruption authorities over suspected “improper payments”.
Mauricio Ramos, chief executive of Millicom, tells DI that the media company has zero tolerance for corruption and that transparency towards investors is key, which is why it reported the matter voluntarily.
Like its competitor TeliaSonera, the Stenbeck-owned telecom provider faces hefty fines in the United States, and a scandal that could grow. The provider has operations in several emerging markets in Latin America and Africa that rank low in Transparency International’s corruptions perceptions index.
SKr 5 billion was wiped off the value of Millicom yesterday, and Sajsa Beslik, head of responsible investment at Nordea, whose Fund unit (Nordea Funds AB) owns a 4.7% stake in Millicom, predicts Millicom will have to pay fines.