Sifiso DABENGWA, General Manager at MTN fears for the South African’s investments in Iran. In an interview given to the Wall Street Journal, he even stated that his company was trying to retrieve its funds–300 million euros.
The fear arose due to the sanctions that were imposed by the West to the Iranian Republic. The sanctions are on the telecommunication devices, a way to prevent the government from listening into phone conversations. While the MTN group has 49% of Irancell‘s shares, the company was born out of a partnership between the Iranian government and the South African multinational, through Iran Electronics Development Co. With the current sanctions, it is very difficult to carry out business with Iran.