MTN to face issues due to US decision on Iran nuclear deal

MTN South AfricaTelecom operator MTN Group said that U.S. President Donald Trump’s decision to pull out of the Iran nuclear deal may limit its ability to repatriate cash from MTN Irancell, Reuters reported.

Trump said on Tuesday he would re-impose U.S. economic sanctions on Iran, which were lifted under the agreement he had harshly criticized.

MTN in 2018 repatriated about 88 million euros or $104.26 million from MTN Irancell, including 61 million euros relating to the 2017 dividend due to MTN as well as a further 27 million euros of historic dividends.

The remaining balance due to MTN is about 200 million euros, MTN said, adding it was committed to its investment in Irancell and to repatriating the balance of legacy cash.

The Africa-based telecom operator said it will continue to monitor the situation, including the response of the Iranian authorities and the other members of the Joint Comprehensive Plan of Action.