SENS Note - 29 October 2018 |
MTN - quarterly update and cautionary renewal |
MTN is a leading emerging market mobile operator, serving 225.4 million people in 21 countries across Africa and the Middle East. The group's vision is to deliver a bold, new digital world to its customers. MTN's belief is that everyone deserves the benefits of a modern connected life. Salient features
Update on the Nigerian matters During the quarter, the Central Bank of Nigeria (CBN) alleged improper dividend repatriations by MTN Nigeria between 2007 and 2015 of US$8,1 billion while the Attorney General of the Federal Republic of Nigeria (AGF) alleged unpaid taxes on foreign payments and imports of approximately USD2.0 billion. MTN Nigeria continues to deny these allegations and claims. To protect MTN Nigeria's assets and shareholder rights within the confines of Nigerian law, we applied in the Federal High Court of Nigeria for injunctive relief restraining the CBN and the AGF from taking further action in respect of their orders, while we continue to engage with the relevant authorities on these matters. We remain resolute that MTN Nigeria has not committed any offences and will continue to defend this position vigorously. Shareholders are referred to the cautionary announcement dated 30 August 2018 and the subsequent renewal of cautionary announcements, the latest of which was released on 23 October 2018. Shareholders are advised to continue to exercise caution when dealing in the company's securities until a further announcement is made. |
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