| Thu 29 Mar 2012, 17:27 | | MTN - MTN Group Limited - MTN to oppose Turkcell Claim; Reaffirms Commitment to |
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MTN
MTN
MTN - MTN Group Limited - MTN to oppose Turkcell Claim; Reaffirms Commitment to
Independent Hoffmann Investigation
MTN Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1994/009584/06)
Share code: MTN
ISIN ZAE000042164
("MTN")
MTN TO OPPOSE TURKCELL CLAIM; REAFFIRMS COMMITMENT TO INDEPENDENT HOFFMANN
INVESTIGATION
Johannesburg - On 2 February 2012, MTN Group Limited (MTN) alerted shareholders
to the possibility of a claim being filed by the Turkish mobile phone operator
Turkcell Iletisim AS (Turkcell) in the US federal courts. While the claim has
not been served on MTN, MTN understands that a claim has now been filed by
Turkcell in the US courts against MTN and its wholly owned subsidiary, MTN
International (Mauritius) Limited, in which Turkcell claims no less than US$4.2
billion, plus interest and punitive, consequential and other damages in
connection with the award of the second GSM licence in Iran to Irancell.
MTN continues to believe that there is no legal merit to Turkcell`s claim and no
basis for such claim to be brought before a US court. MTN will accordingly
oppose the claim.MTN further notes the South African government`s denial of the
allegations that MTN exercised influence over it.
In advance of Turkcell filing its claim, MTN announced the formation of an
independent committee, under the chairmanship of the internationally renowned
jurist, Lord Hoffmann, to investigate Turkcell`s factual allegations. The
Hoffmann committee has already begun its investigations and will report its
findings to the MTN board, together with any recommendations as to actions to be
taken as a result of its findings, including as to their publication.
The Hoffmann committee has invited Turkcell to participate in its investigation,
but Turkcell has to date not done so. The invitation remains open to Turkcell
to participate in the Hoffmann committee`s investigation.
Fairland
29 March 2012
Sponsor
Deutsche Securities (SA) (Proprietary) Limited
Date: 29/03/2012 17:27:04 Produced by the JSE SENS Department.
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