Nicaragua: Millicom Sued for Alleged Debt

The Mayor's Office of Managua filed a lawsuit against Millicom, arguing that the company has a debt of almost $1 million on account of five years of arrears in the payment of the Real Estate tax.

Monday, September 16, 2019

The debt claimed by the City Hall corresponds to the alleged omission in the payment of the municipal tax corresponding to 2014, 2015, 2016, 2017 and 2018, a period in which the assets still belonged to Telefónica.

The lawsuit comes months after the company changed ownership, since in mid-May it was reported that the entire share capital of Telefónica Celular de Nicaragua, S.A. had been transferred to Millicom International Cellular, S.A. for a price of $437 million.

Derived from the complaint filed by the local authorities, "... A civil court in Managua ordered a preventive seizure against Telefónica (now owned by Millicom and operating in Nicaragua under the brand name Tigo). The order was issued by the Fifth Court of Execution of the Managua sentence, in order to pressure Tigo to pay an alleged million-dollar debt."

The article of adds that "... such seizure does not mean that the company will be judicially taken, but that it is a legal procedure to secure the payment of the debt (in favor of the Mayor's Office), in case it obtains a favorable sentence at the end of the legal process."

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