Key Developments: MTN Group Ltd (MTNJ.J)
5 Dec 2013
Latest Key Developments (Source: Significant Developments)
Turkcell announced that it filed in a U.S. District Court substantial legal justification for the court to consider Turkcell's corruption and bribery lawsuit against MTN Group Ltd. and its subsidiary MTN International Limited. Turkcell's original legal complaint alleges MTN engaged in acts of corruption and bribery to steal Turkcell's award of the Iranian GSM telecommunications license in 2004 and 2005. This latest legal filing was in response to MTN's motion to remove the case from U.S. courts. Citing MTN's violations of international norms of law, Turkcell asserts that MTN's promises of military arms and International Atomic Energy Agency votes plus its payment of multiple bribes are more than adequate to support the American court's jurisdiction over the case under the Alien Tort Statute. Turkcell also provided the court with a detailed description of MTN's business dealings in the United States supporting personal jurisdiction.Turkcell's claim is supported by sworn testimony from MTN's own director of Iran operations detailing MTN's extraordinary tortious corruption and bribery in violation of the law of nations. The documents submitted to the court by Turkcell further dispute MTN's characterization of the case as a commercial dispute stating that if MTN calls throwing votes and promises of arms to be "commercial," presumably MTN would also characterize its networks' involvement in Iran monitoring dissidents and disrupting cell phone communications as phone bill disputes. Full Article
Dow Jones reported that MTN Group Limited has filed papers in the U.S. in a bid to dismiss a lawsuit concerning a deal in Iran brought against it by Turkcell Iletisim Hizmetleri A.S. In March, Turkcell filed a lawsuit in the U.S. District of Columbia against MTN seeking $4.2 billion in damages related to the award of a license in Iran. The filing comes after a deposition by Turkcell's key witness, a former MTN executive in Iran, accusing the South African mobile phone company of bribing officials from Iran and South Africa. It also takes place against a background of U.S. and Europe ramping up sanctions against Iran and those that do business with the country. Turkcell filed the suit in the U.S. under the Alien Tort Statute, which has mainly been used for human rights violations and allows non-U.S. citizens to bring civil suits in U.S. federal courts for violations of international law. Turkcell alleges that MTN engaged in bribery and other acts of corruption to secure the license. Full Article
Western Union Co and MTN Group announced the launch of a mobile money transfer service in Uganda, allowing MTN customers to send and receive money across borders using just their mobile phones for the first time. The new service also enables MTN customers to send money internationally with Western Union directly from their Mobile Money accounts for cash payout at Western Union Agent locations worldwide or to subscribers of select mobile phone companies with which Western Union has agreements. Western Union and MTN also announced that they will provide 9,000 branded mobile Yellow Phones to Ugandans. Full Article
MTN Group Limited announced that a final dividend of ZAR4.76 per ordinary share in respect of the period to December 31, 2011 has been declared and is payable to shareholders recorded in the register of the MTN Group at the close of business on March 30, 2012. Payment of dividend is on April 2, 2012. Full Article
JOHANNESBURG - Turkcell's $4.2 billion lawsuit against South African rival MTN Group is unlikely to be heard in a Johannesburg court before early 2015, MTN's chief executive said on Friday.