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MTN confirms Turkcell suit on hold

Oct 15 2012 09:01 Reuters

File image (AFP)

Company Data

MTN GROUP LIMITED [JSE:MTN]

Last traded 245.40
Change -0.26
% Change 0.00
Cumulative volume 2434653
Market cap 453.57bn

Last Updated: 27/08/2014 at 04:28. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - MTN Group [JSE:MTN] on Monday confirmed that a US court had put on hold the $4.2bn lawsuit against it by Turkish rival Turkcell, pending a separate US Supreme Court decision.

The US Supreme Court had heard oral arguments in a high profile case against Royal Dutch Shell this month, a case which may determine whether foreign corporations can be sued in US courts under an 18th century law.

The outcome of that decision is likely to determine whether Turkcell can go ahead with its suit against MTN, which claims the mobile operator used bribes and other underhanded means to obtain its license in Iran, which was originally awarded to Turkcell.


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