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Johannesburg - African mobile operator MTN Group [JSE:MTN]
said on Tuesday it is working with US authorities to manage compliance with
sanctions against Iran, one of its biggest markets.
The telecoms giant is facing a $4.2bn suit in US courts over
allegations by rival Turkcell that it used underhand tactics in acquiring the
Iranian license.
Turkcell says MTN bribed both South African and Iranian
officials and asked South Africa to provide weapons to Iran to acquire the
permit.
Turkey’s largest mobile operator initially won a bid for the
license in 2004. Tehran later backed out of the deal and awarded the business
to MTN in 2005.
“MTN is working with the US authorities to manage its
compliance with US sanctions against Iran. MTN also continues to retain
international legal advisors to assist the group in remaining compliant with
applicable EU, US and UN sanctions,” MTN said in a statement ahead of an annual
general meeting.
The mobile firm has bought back shares worth R1.36bn in the last three months and says it will keep buying when good opportunities arise. Last year, MTN repurchased shares worth R2.29bn.
