BD80 Hsbc Bk.24

RNS Number:0302Q
Bellsouth Corp
15 January 2002

FOR IMMEDIATE RELEASE



FOR MORE INFORMATION:

Jeff Battcher (404) 713-0274



                     SEC AND BELLSOUTH REACH  SETTLEMENT

                     CASE INVOLVES TWO FOREIGN AFFILIATES



ATLANTA - January 15, 2002 - BellSouth Corporation (BLS) announced today that
it has entered into a settlement with the Securities and Exchange Commission
(SEC) relating to alleged violations of the books and records and internal
controls provisions, specifically sections 13(b)(2)(A) and (B), of the
Securities Exchange Act of 1934. BellSouth first disclosed this investigation
in October 2000.  Under the terms of the settlement, the company neither
admits nor denies the SEC's findings.



The settlement agreement relates to its Nicaraguan and Venezuelan affiliates
(Telefonia Celular de Nicaragua and Telcel, respectively) and the improper
recording of certain payments in their books and records, as well as their
failure to maintain an adequate system of internal controls.



In reaching the settlement, the company agreed to pay a civil penalty of
$150,000 and agreed to the entry of an administrative order requiring
BellSouth to refrain from violations of sections 13(b)2(A) and (B) of the
Securities and Exchange Act which relates to the book and records and internal
controls provisions.  In its order, the SEC recognized BellSouth's cooperation
with the Commission's staff during the investigation. The SEC also
acknowledged that BellSouth has taken remedial actions and enhanced its
compliance program.



About BellSouth Corporation

BellSouth Corporation is a Fortune 100 communications services company
headquartered in Atlanta, GA, serving nearly 46 million customers in the
United States and 15 other countries.  Consistently recognized for customer
satisfaction, BellSouth provides a full array of broadband data and e-commerce
solutions to business customers, including Web hosting and other Internet
services.  In the residential market, BellSouth offers DSL high-speed Internet
access, advanced voice features and other services.  BellSouth also provides
online and directory advertising services, including BellSouth(R) Real
PagesSM.com. BellSouth owns 40 percent of Cingular Wireless, the nation's
second largest wireless company, which provides innovative wireless data and
voice services.

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