MTN's woes continue amid allegations

MTN offices on Summit Road in Morningside, Johannesburg north, seen on 13 June 2013.

File: MTN is in hot water as it faces continuous allegations. 

JOHANNESBURG - It looks like mobile operator MTN has a long way to go to regain the confidence of its investors. 

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Even though the company was able to reduce a fine of $8-billion (R110,96-billion) in Nigeria to $53-million last month, the share has struggled to recover.

It did increase by just over 2% after the settlement, but it's still 20% below its price in late August when MTN was first accused of illegally repatriating funds.

READ: Nigerian court postpones case between MTN and central bank

The company is preparing for another Nigerian court hearing next month, over a separate claim that it owes $2-billion in back taxes. It disputes this.  

Source
eNCA