Economy, Business And Markets

MTN Fears Fund Repatriation Amid Fresh US Sanctions

MTN Fears Fund Repatriation Amid Fresh US SanctionsMTN Fears Fund Repatriation Amid Fresh US Sanctions

MTN Group Ltd. said efforts to repatriate about €200 million ($237 million) from its Iranian unit will become tougher after US President Donald Trump reinstated economic sanctions on the Islamic Republic. Africa’s biggest wireless carrier by sales had more than $1 billion stuck in Iran due to US-led sanctions that ended early last year. Since that landmark agreement intended to curb the country’s nuclear program, the Johannesburg-based company has been steadily withdrawing the funds, Bloomberg reported. “We will continue to monitor the situation, including the response of the Iranian authorities,” MTN said in a statement on Wednesday. The company has repatriated €88 million to date in 2018. In March, the wireless operator said it expected the last of the cash would be received by September. Iran is MTN’s second-largest market with 43 million customers at the end of 2017. It has operated in the country since 2005.

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