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Wireless

MTN struggles to get profits out of Iran

Thursday 8 March 2012 | 11:06 CET | News
South Africa-based mobile operator MTN Group said it is struggling to get its money out of Iran due to tougher Western sanctions. MTN, which owns 49 percent of the mobile operator MTN Irancell, is no longer able to use Dubai-based banks to move money out of Tehran and is looking for ways to swap cash with companies that need to move payments in, CEO Sifiso Dabengwa told reporters following its annual results presentation. Dabengwa said MTN would not consider an exit from the business unless South Africa itself imposed sanctions on Iran, something Pretoria is seen as unlikely to do, Reuters

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Categories: Mobile & Wireless
Companies: MTN Irancell
Countries: Iran (Islamic Republic of)
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