Iranian sanctions put MTN’s repatriation of cash at risk
MTN scrambled to extract about €60m (R898m) from its Iranian business in the six weeks before US President Donald Trump’s announcement that he would withdraw from the multinational nuclear deal with Iran. The mobile operator probably has a window period of several months to repatriate as much of its Iranian cash stockpile as possible before moving money out of the Middle Eastern country becomes more difficult. "The initial guidance from the US yesterday indicated that there would be a 90-day wind-down period before the US would reimpose sanctions targeting Iran," said an MTN spokesman, asking not to be named. The group’s share price shares fell 0.6% to R124.22 on Wednesday. It has about €200m of legacy cash in Iran. "MTN Group remains committed to our investment in Irancell and to repatriating the balance of legacy cash in Iran, whilst remaining compliant with appropriate legislation," the company said in a stock-exchange filing. It said it had repatriated about €88m from MTN Irance...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.