MTN shares have declined slightly since news of an unquantified civil claim brought in US courts
Losses in share price muted after allegations the cellphone company violated US antiterrorism laws in AfghanistanThe share price of cellphone giant MTN was only a little lower in response to the lawsuit brought by attorneys representing US service members and contractors killed in Afghanistan. They are seeking damages as a result of the company allegedly violating US antiterrorism laws.
The share price did, however, fall a little further later in the day, but so did those of its counterparts. By 11.21am, MTN was down 1.56% to R82.29, while Vodacom had fallen 1.67% to R115.19 and Telkom 1.48% to R34.71. MTN said on Monday it was aware of the lawsuit, which was filed in the district court of Washington DC last week.
The lawsuit claims that MTN paid protection money to the Taliban in Afghanistan to prevent its network infrastructure from being targeted and destroyed. This financial support to the US-designated terrorist organisation, say the papers, was in part paid using money MTN borrowed from a subsidiary of the World Bank based in the US.
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