South African-based telecommunications company MTN Group and the largest telephone company in Nigeria has disclosed that if after recent negotiations between the United States and Iran, sanctions against Tehran are lifted; it will be able to transfer about $1 billion in accumulated dividends and a loan repayment from its Iranian unit.
The telecommunication giant owns 49% of state-controlled Irancell and after sanctions imposed by the United Nations in 2006 it had been prohibited from sending money back to its South African Headquarters. The United States had in 1979 imposed sanctions on Iran which were later tightened in a fresh batch in 1995.
MTN’s Head of Investor Relations, Nik Kershaw revealed that the company would be able to send some of its accumulated monies if sanction were loosened:
“We have in total an equivalent of about $1 billion, which is both a loan repayment from Irancell due back to MTN, as well as accumulated dividends.”
Iran and world powers have extended negotiations to end a decade-old crisis over the Iranian nuclear programme for an agreement that ensures controls on Iran’s nuclear programme in exchange for the lifting of economic sanctions.
Diplomats have been seeking a deal that would allow Iran to have nuclear power but reduce the likelihood of it gaining nuclear weapons.
According to Venture Africa, MTN has been criticized for its activities in the Iranian telecoms sector by a US-based advocacy group, United Against Nuclear Iran-UANI, who initiated a campaign in 2012 calling for the South African country to reduce its operations in Iran while charging MTN of providing them with equipment and breaching Human Rights agreements.
However, MTN Human Resources Head Paul Norman denied that the company assisted the Iranian Government in monitoring political activists.
“MTN’s role in Iran is mostly as a technical partner.
“Whatever equipment MTN has acquired for Irancell was for normal business reasons. This is the same software we utilize at other MTN operations.”
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