MTN Fears Fund Repatriation Amid Fresh US Sanctions

EghtesadOnline: MTN Group Ltd. said efforts to repatriate about €200 million ($237 million) from its Iranian unit will become tougher after US President Donald Trump reinstated economic sanctions on the Islamic Republic.

News ID: ۷۸۲۵۲۸

12 May 2018

Africa’s biggest wireless carrier by sales had more than $1 billion stuck in Iran due to US-led sanctions that ended early last year. Since that landmark agreement intended to curb the country’s nuclear program, the Johannesburg-based company has been steadily withdrawing the funds, Bloomberg reported. “We will continue to monitor the situation, including the response of the Iranian authorities,” MTN said in a statement on Wednesday. The company has repatriated €88 million to date in 2018. In March, the wireless operator said it expected the last of the cash would be received by September. Iran is MTN’s second-largest market with 43 million customers at the end of 2017. It has operated in the country since 2005, Financial Tribune reported.