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South Africa’s MTN hopes for U.S.-Iran thaw to free its cash

27
Nov
2013

Better U.S.-Iranian relations would be very welcome for South African mobile phone operator MTN Group as it has been unable to repatriate around $450 million from a unit in Iran due to sanctions, a company spokesman said. Johannesburg-based MTN, Africa’s largest mobile phone operator, said its funds had been blocked since early last year because of Washington’s sanctions against Tehran. “Our primary focus remains to ensure that we are sanction-compliant with everything we do there,” said spokesman Nik Kershaw.

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