Latest news with #MTN
The Citizen
2 days ago
- Business
- The Citizen
Sued for a staggering R78 billion, MTN turns to the Constitutional Court
However, 12 years later, MTN and Turkcell are still fighting over whether South African courts have jurisdiction to hear the case. Africa's largest mobile network operator, MTN, is appealing a decision made by the South African Supreme Court of Appeal in the $4.2 billion (R78-billion at the time the legal battle began) by Turkish telecommunications and technology services provider, Turkcell. The Supreme Court of Appeal recently upheld 'aspects of the legal appeal' brought by Turkcell. Turkcell is accusing MTN of being awarded a multi-billion-dollar GSM telecom license in Iran irregularly. MTN has previously denied this, supported by an independent forensic report by the Hoffman report. However, 12 years later, MTN and Turkcell are still fighting over whether South African courts have jurisdiction to hear the case. ALSO READ: This was South Africa's best mobile network in 2024 MTN approaches the Constitutional Court The MTN Group has confirmed to The Citizen that it is appealing the SCA decision. However, the decision does not concern the merits or allegations of the case, but rather whether South African courts have jurisdiction in the matter. 'MTN Group confirms that it submitted its notice of intention to appeal the recent decision of the South African Supreme Court of Appeal in the matter brought by Turkcell,' the Group told The Citizen. MTN Group stated, 'The appeal was lodged against a High Court judgment, in which the High Court had dismissed Turkcell's case against MTN Group on the basis that the South African courts did not have jurisdiction. 'The SCA has set aside the judgment and decided that the South African courts do have jurisdiction. The SCA, however, upheld the High Court ruling that Iranian law is applicable to key aspects of the dispute.' MTN confident it will win 'The decision to uphold the appeal does not relate to the merits of Turkcell's claims or the allegations made against the Group, which have not yet been tested in court. 'MTN has always maintained that the Turkcell litigation was without merit and has expressed confidence that it would successfully defend these proceedings,' added the Group. In response to The Citizen, the Group further said, 'MTN maintains that, while it agrees that Iranian law governs the underlying dispute, the allegations raised by Turkcell should be adjudicated in the courts of Iran, which are the appropriate and competent forum for this matter.' ALSO READ: Iran haunts MTN and SA Was anyone bribed? The legal battle between MTN and Turkcell began in 2013, when the Turkish telecommunications company accused MTN of bribing Iranian and South African officials to secure a multi-billion-dollar GSM telecom license in Iran. Cedric Soule, global counsel for Turkcell, stated that the license was initially awarded to the Turkish telecommunications company, but it was subsequently overturned in 2005. Former Chairman of the Group Phuthuma Nhleko and director Irene Charnley have also been accused of being influential figures who were closely involved in the deal. Tactic to delay the trial 'This is the latest attempt by MTN and the other defendants to delay the trial. The SCA clearly decided that South African courts have jurisdiction in this matter and unequivocally rejected all the objections raised by MTN,' added Soule. 'We remain confident that when the full evidence is presented at trial, it will demonstrate that MTN engaged in corrupt practices to secure the Iranian licence initially awarded to Turkcell.' Turkcell believes the Constitutional Court should decline to hear the appeal filed by MTN and the other defendants. 'The SCA's decision represents a significant victory for the principle that South African companies should be held accountable in South Africa for their conduct abroad.' Hoffmann report 'After twelve years of procedural delays, Turkcell looks forward to the opportunity to present its evidence in court and seek appropriate redress for the more than $4.2 billion in damages suffered due to MTN's alleged misconduct,' said Soule. In 2013, the Hoffmann report found that the license to MTN was awarded lawfully, clearing the group of any wrongdoing. The Committee, which compiled the report, was appointed by MTN in 2012. It was found that two statements by Kilowan 'shown to be a fantasist and a conspiracy theorist'. NOW READ: MTN suffers R11.2 billion loss. What went wrong?
The South African
3 days ago
- Business
- The South African
B20 South Africa Sherpa update: Progress, dates and new partnerships
As the B20 South Africa journey progresses, B20 South Africa Sherpa Cas Coovadia has shared key updates on the efforts to shape actionable, inclusive and sustainable policy recommendations for the G20. QUIZ | Test your B20 knowledge with this 2-minute survey – AND WIN R2 000! Dear B20 South Africa friends and stakeholders, As we move forward in our B20 South Africa journey, I am pleased to share key updates on our collective efforts to shape actionable, inclusive and sustainable policy recommendations for the G20. All eight B20 Task Forces have now commenced their intensive collaboration, bringing together global expertise to develop concrete policy proposals ahead of our November summit. Their work is critical to ensuring that business voices translate into meaningful, measurable outcomes, ones that balance economic growth with societal development and environmental resilience. We are delighted to confirm that the B20 South Africa Summit will take place from 18-20 November 2025 in Johannesburg. This will be a pivotal moment to convene our global community, share insights, and drive forward recommendations that reflect both African priorities and global imperatives. I am pleased to welcome the Johannesburg Stock Exchange (JSE), MTN and Kwikot as new partners in our work to host Africa's first B20. Their commitment reinforces the collaborative spirit of all our sponsors needed to address the complex challenges ahead. As I have emphasised before, sustainable business is not just what we do, it is how we do it. Our values matter. The policy recommendations must be rooted in inclusion, resilience and long-term thinking. This means creating pathways for all regions, particularly those facing structural constraints, to fully participate in and benefit from global growth. Africa's role in this future is vital. A truly sustainable future must be shaped by the collective and grounded in shared prosperity. • G20 Sherpa Meeting – June 2025 • Virtual Press Roundtables with Task Forces – June 2025 • Fourth Financing for Development Conference (FfD4) – June 2025 Africa's potential is undeniable, but potential alone is not enough. Our goal is to shift the narrative from aspiration to measurable progress, progress that benefits people, economies and the planet. The world does not just need Africa's potential, it needs Africa's leadership. All of us in the B20 South African community look forward to your continued partnership as we build toward November. Together, we can forge policies and ways of doing business that drive inclusive growth and prove that sustainability and shared prosperity go hand in hand, in a cooperating world. Kind regards, Cas B20 South Africa Sherpa Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1 Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
Zawya
3 days ago
- Business
- Zawya
Nigeria: Telecoms subscribers decline by 43mln in one year —Report
AT least 43 million lines were disconnected from network service providers for non-compliance with the National Identification Number (NIN) SIM linkage policy of the Federal Government, report has revealed. The number of telecom subscribers in the country fell by 43.7 million subscribers from 216,974,742 in April 2024 to 172,948,309. This effectively reduced teledensity from 100.09 per cent to 79.78 per cent. Teledensity is calculated based on Nigerian Population Commission's projected population figure of 216 million, according to the NCC. A breakdown showed that Airtel subscribers dropped from 62,933,351 in April 2024 to 58,586,914 in April 2025. Globacom witnessed a drop from 62,055,248 in April 2024 to 20,607,726 in April 2025. The number of customers lost by Globacom was 20,607,726, making it the biggest loser. 9Mobile subscribers dropped to 2,964,445 in April 2025 from 8,956,568 subscribers in April 2024. However, MTN Nigeria Communications was the only telecom company that survived the shock. MTN saw a rise in its subscribers from 82,716,236 in April 2025 to 90,508,170 in April 2025. Analysis showed that the 43.7 million subscribers' loss was a result of the disconnection of unregistered lines. 'The removal of Subscriber Identification Modules (SIMs) that are not linked to verifiable National Identification Numbers (NINs) and the rectification of a major discrepancy by a Mobile Network Operator explain the significant drop in Nigeria's telecoms subscriber base,' the regulator explained in the report. In 2022, the Ministry of Communications and Digital Economy announced that the NIN-SIM linkage policy was for national security and accuracy of the national SIM ownership database. Subscribers whose lines were not associated with a verified NIN were advised to complete NIN verification to reactivate their lines. After multiple deadlines for compliance, the NCC set a final deadline of September 14, 2024, for Mobile Network Operators (MNOs) to complete the linkage process. Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
Yahoo
4 days ago
- Business
- Yahoo
Epic Expansion: Sölden Joins Vail Resorts, Inc. (MTN)' Global Ski Portfolio
Vail Resorts, Inc. (NYSE:MTN) has announced adding Austria's Sölden to its growing European network just ahead of the May 26 deadline for securing the 2025/26 Epic Pass at the year's lowest price. An aerial view of a mountain resort, its snow-capped peaks and lush ski slopes revealed in all their glory. Sölden joins five other Austrian destinations, including Mayrhofen and Silvretta Montafon, thus expanding Epic Pass access to 34 ski areas across Europe. Guests can purchase the Epic Pass now ($1,051 USD for adults) and gain five days at Sölden, with extra incentives such as two Buddy Tickets and six Ski With a Friend Tickets. With Sölden, the company has elevated the product's appeal and could potentially attract more international skiers. Bill Rock, President of Vail Resorts, Inc. (NYSE:MTN)' Mountain Division, made the following comment: "Sölden is a bucket-list resort that we are thrilled to add to the Epic Pass. In addition to the amazing skiing and riding, it also contains experiences that don't exist anywhere else like the 007 ELEMENTS Bond experience and the Aqua Dome." The new positive outlook from Sölden comes amid internal shifts. Courtney K. Goldstein stepped down as Executive VP & Chief Marketing Officer on May 16, 2025. Vail Resorts, Inc. (NYSE:MTN) described the move as personal and unrelated to company direction. Meanwhile, the downgraded price target from $185 to $160 continues to stand, with the BofA maintaining a Neutral rating on the stock. While we acknowledge the potential of MTN as an investment opportunity, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than MTN and that has 100x upside potential, check out our report about the READ NEXT: 10 Unstoppable Dividend Stocks to Buy Now and 11 Oversold Global Stocks to Buy According to Hedge Funds Disclosure: None.
Yahoo
5 days ago
- Business
- Yahoo
Epic Expansion: Sölden Joins Vail Resorts, Inc. (MTN)' Global Ski Portfolio
Vail Resorts, Inc. (NYSE:MTN) has announced adding Austria's Sölden to its growing European network just ahead of the May 26 deadline for securing the 2025/26 Epic Pass at the year's lowest price. An aerial view of a mountain resort, its snow-capped peaks and lush ski slopes revealed in all their glory. Sölden joins five other Austrian destinations, including Mayrhofen and Silvretta Montafon, thus expanding Epic Pass access to 34 ski areas across Europe. Guests can purchase the Epic Pass now ($1,051 USD for adults) and gain five days at Sölden, with extra incentives such as two Buddy Tickets and six Ski With a Friend Tickets. With Sölden, the company has elevated the product's appeal and could potentially attract more international skiers. Bill Rock, President of Vail Resorts, Inc. (NYSE:MTN)' Mountain Division, made the following comment: "Sölden is a bucket-list resort that we are thrilled to add to the Epic Pass. In addition to the amazing skiing and riding, it also contains experiences that don't exist anywhere else like the 007 ELEMENTS Bond experience and the Aqua Dome." The new positive outlook from Sölden comes amid internal shifts. Courtney K. Goldstein stepped down as Executive VP & Chief Marketing Officer on May 16, 2025. Vail Resorts, Inc. (NYSE:MTN) described the move as personal and unrelated to company direction. Meanwhile, the downgraded price target from $185 to $160 continues to stand, with the BofA maintaining a Neutral rating on the stock. While we acknowledge the potential of MTN as an investment opportunity, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than MTN and that has 100x upside potential, check out our report about the READ NEXT: 10 Unstoppable Dividend Stocks to Buy Now and 11 Oversold Global Stocks to Buy According to Hedge Funds Disclosure: None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
