South Africa’s MTN reinvests Irancell profits in Iran

Financial Tribune – South Africa’s MTN, which has been prevented by US sanctions from repatriating profits from its Irancell partnership, is reinvesting its profits in Iran, the MTN-Irancell CEO said.

Bijan Abbasi Arand was speaking on Monday during an event held in Tehran on the occasion of the 13th anniversary of the firm’s launch of mobile services in Iran.

“Our South African partner MTN is here to stay, despite US sanctions against Tehran,” he said.

Noting that MTN is among major shareholders of Irancell, Abbasi said, “The South African firm has been barred from transferring profits from its Iran operations due to the US sanctions.”