(Ecofin Agency) - Shareholders of Crystal Telecom which holds 20% of MTN Rwanda are concerned about the $8.5 million fine recently imposed to the firm by the regulator. Crystal Telecom asked MTN’s subsidiary to explain the impact of the fine on dividend payment to its shareholders.

Crystal Telecom’s concern is mainly due to the slump in dividend shared as MTN’s revenues slumped from 1.14 billion Rwandan francs in 2015, to 1.03 billion Rwandan francs in 2016. This pushed Crystal Telecom’s earning per share down to 3.82 Rwandan francs or $0.4 last year (against 4.26 Rwandan francs or $0.5 in 2015).

The fine from the regulatory authority, RURA, to MTN Rwanda on May 17, came up after the telecom firm infringed its telecom licence. Indeed, MTN Rwanda, against the terms of its licence moved its IT offices out of the country, to Uganda.