JSE suspends all forms of trading in MTN shares and stocks

WEB_PHOTO_MTN_05062013

A file photo of South African mobile company MTN.

A file photo of South African mobile company MTN.

WEB_PHOTO_MTN_05062013

A file photo of South African mobile company MTN.

A file photo of South African mobile company MTN.

JOHANNESBURG -- All forms of trading in MTN shares and affiliated stocks, has been halted on the Johannesburg Stock Exchange (JSE).

MTN Group Executive for Corporate Affairs, Chris Maroleng, confirmed the news to eNCA but would not issue no further comments.

An investigation was launched by the JSE into MTN on Friday.

The probe will look into the time frame of MTN’s announcement of a $5.2 billion fine imposed by Nigerian regulators on its unit in that country. 

It had allegedly failed to disconnect subscribers with unregistered and incomplete SIM cards there.

The head of the JSE&39;s regulatory division, Andre Visser, said on Friday that the investigation would take some time. 

Two weeks ago, MTN reported a slowdown in quarterly subscriber growth citing stiff competition and tougher regulation in Nigeria.