According to Iran’s Communication Regulatory Authority chief Hossein Fallah, “The foreign firm [MTN] has failed to invest in Iranian Net [as agreed in an earlier deal].” Furthermore, according to Fallah, a team from MTN was to visit Tehran to assist Iranian Net in advancing its project.
“The trip has been canceled as well.” “The firm has stated that due to certain pressures, they are not willing to initiate the collaborations,” the ombudsman added.
In May 2017, MTN announced it had agreed to invest $300 million in Iranian Net and lend the company $450 million, Financial Tribune reported.
The investment was to give the South African firm a 49% stake in the company.
MTN has a long history of activity in Iran. One of the largest mobile operators in Iran, MTN-Irancell, as is apparent by its name, is a tie-up between an Iranian partner and the South African firm. The recent move in regard to Iranian Net has made many wonder how long MTN’s presence in Iran would last.