Millicom Declines After Carrier Discloses `Improper Payments'
- The shares fell the most since 2009 in Stockholm trading
- CEO says it's unlike a bribery scandal at TeliaSonera
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Millicom International Cellular SA shares fell the most since 2009 after the carrier controlled by Sweden’s Stenbeck family said it had reported suspected “improper payments” at its Guatemalan business to law enforcement authorities.
The payments were made on behalf of the company’s joint venture Comunicaciones Celulares SA, which sells mobile services under the Tigo brand, the Luxembourg-based company said in a statement Wednesday. Comcel’s other owner is billionaire Mario Lopez Estrada. Both parties are cooperating with the investigation, Millicom said. Representatives for Comcel couldn’t immediately be reached outside regular business hours to comment.