MTN Falls After Nigeria Ups Claim of Illegal Cash Transfer
- Wireless carrier shares drop to six-year low on allegations
- MTN ‘categorically denies’ transfer of more than $14 billion
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MTN Group Ltd. shares slumped to a six-year low after a Nigerian senator claimed the wireless carrier may have illegally moved more than the previously estimated $14 billion out of the country, citing early findings from an investigation into the allegation.
The stock declined 2.3 percent to 107.50 rand by the close in Johannesburg, the lowest since July 2010, extending the fall since the allegations were first raised last month to 13 percent. MTN “categorically denies” the claims, its Nigeria unit’s Chief Executive Officer Ferdi Moolman told lawmakers in Abuja, the capital.