Try our mobile app
MTN Group Limited (Incorporated in the Republic of South Africa) (Registration number 1994/009584/06) (Share code MTN) (ISIN: ZAE000042164) (MTN Group or MTN) TURKCELL LITIGATION DISMISSED WITH COSTS Through various communications since 2013, MTN shareholders are aware that Turkcell Iletisim Hizmetleri A.S (Turkcell), and Turkcell's wholly owned subsidiary, East Asian Consortium B.V. (EAC) instituted legal action in the High Court of South Africa against MTN Group and certain of its subsidiaries in 2013. In that action, Turkcell and EAC sought substantial damages ($4,2bn excluding interest) from MTN pursuant to allegations of impropriety in the award of the first private mobile telecommunications licence in the Islamic Republic of Iran (the Turkcell Litigation). During November 2020 Turkcell withdrew as a Plaintiff, leaving EAC as the sole Plaintiff in the action against MTN. In a judgment handed down by the High Court of South Africa on 30 November 2022, EAC's action against MTN has been dismissed with costs, putting an end to the Turkcell Litigation. MTN is delighted at the outcome as it has consistently maintained that the Turkcell Litigation was without merit. MTN had no provisions or contingent liabilities with regards to the Turkcell Litigation. Fairland 01 December 2022 Lead Sponsor J.P. Morgan Equities South Africa Proprietary Limited Joint Sponsor Tamela Holdings Proprietary Limited
