South Africa - MTN shares fall after Iran bribery, nuclear support claims
Shares of South Africa's MTN Group tumbled nearly 4% in early trade on Friday, after it said it faces a potential lawsuit from Turkey's Turkcell over its licence in Iran.
Shares of MTN, Africa's largest mobile operator, were down 3.9% at R133 at 7.09am GMT.
MTN said after the close of trade on Thursday it faces a lawsuit from Turkcell, which claimed Africa's largest telecom group asked South Africa to back Iran's nuclear development in return for a cellular licence in the country.
The Johannesburg-based company said in a statement the Turkish mobile operator, which unsuccessfully bid for the same licence, will also claim that MTN asked South Africa to aid Iran's military and that it bribed officials of both governments.
http://mg.co.za/article/2012-02-03-mtn-shares-fall-after-turkcell-lawsuit-news