MTN to complete the process to repatriate R15 billion from Iran in six months

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MTN, Africa and Middle East biggest mobile phone operator, said on Monday that it has started the  process to repatriate about R15 billion in MTN Iran. By Staff Writer

Economic sanctions were lifted in January in the Middle Eastern country, enabling Iran to re-enter the global economy. This also enabled MTN to start the process of repatriating its funds from Iran.

“We are pleased to report that we have commenced the repatriation of cash from MTN Irancell to the Group and expect to conclude the process over the next six months,” said Phuthuma Nhleko, MTN’s executive chairman.

The MTN funds had been blocked since early 2012 because of Washington’s sanctions against Tehran.

MTN owns 49 percent of local unit MTN Irancell.

 

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