ATLANTA, United States—BellSouth agreed to pay US$150,000 in fines after a U.S. Securities and Exchange Commission (SEC) complaint alleged that managers at Telcel, BellSouth’s Venezuelan wireless subsidiary, paid nearly US$11 billion to six foreign companies and recorded the money as payments for legitimate business services. No services were provided, according to the Associated Press.
BellSouth said that while it is attempting to find the money, it has tightened internal controls and fired and disciplined several employees.
The SEC also alleged that BellSouth’s wireless subsidiary in Nicaragua, Telef
