MTN Group faces a R3.9-billion write-down, cash it cannot move and a stake it cannot sell, just as Washington escalates.
Browsing: Irancell
MTN has been forced to write down its Irancell stake, sinking statutory earnings even as adjusted profit climbs.
MTN Group would exit its minority stake in Iran if sanctions made it possible to do so, CEO Ralph Mupita has said.
Losing Iranian telecommunications licence bidder Turkcell has described the latest appeal as “yet another delay tactic”.
MTN Group hopes to exit Afghanistan soon, with Guinea-Bissau, Guinea-Conakry and Liberia likely next to be sold.
Turkcell has vowed to continue its pursuit of MTN Group over a licensing process in Iran it alleges was rigged.
Turkcell’s long-running litigation against MTN over a disputed licence in Iran has been dismissed by the high court with costs.
MTN Group said its Iranian business is still able to achieve strong sales growth in the short term, even as the unit battles to overcome ongoing US sanctions and the rapid spread of the coronavirus.
MTN has opted over the years to enter parts of the world seen as too risky by many other carriers. That’s left it vulnerable to legal entanglements, unpredictable politics and regulatory crackdowns.
South African police arrested a former ambassador to Iran on corruption charges related to the award of a mobile phone licence to MTN Group after it was initially given to Turkcell.