BellSouth agrees to pay $150,000 over Latin American payments

ATLANTA - BellSouth Corporation agreed Tuesday to pay $150,000 to settle a Securities and Exchange Commission case charging the telecommunications company with improper accounting and other business practices at two Latin American subsidiaries.

The commission's complaint alleged that managers at BellSouth's Venezuelan wireless subsidiary, Telcel, paid $10.8 million to six foreign companies and recorded the money as payments for legitimate business services.

Atlanta-based BellSouth, which owns 78 percent of Telcel, has been unable to determine what happened to the money.

The company did not admit or deny wrongdoing in the settlement. BellSouth said it has tightened its internal controls and fired and disciplined several employees.