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National Assembly summons MTN, Investment Minister and 4 banks over alleged illegal transfer of $14bn

By News Express on 13/10/2016

Views: 1,374

The National Assembly has invited South Africa’s MTN, Nigeria’s Minister of Trade and Investment, Mr Okechukwu Enelamah, and four commercial banks to an investigative hearing.

A statement from the upper chamber of parliament says the hearing is scheduled for October 20 with an aim to investigate MTN’s illegal transfer of 14 billion dollars out of the country.
The four banks invited by the lawmakers include, Stanbic IBTC, Standard Chartered, Citi Bank and Diamond Bank.
According to the statement, the transfer was carried out between 2006 and 2016.
MTN’s share price in Johannesburg Stock Exchange has fallen 2.3 percent partly on news of the hearing.
The invite is coming after a reduced fine of 1.1 billion dollars was meted out on the telecom giant. (Channels TV)
•Photo shows National Assembly Complex.

Source News Express

Posted 13/10/2016 8:29:36 PM





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