Nytex

In Brief: MTN Denies Illegal Cash Transfers out of Nigeria 

MTN has been forced into issuing a denial that it has smuggled USD14 billion out of its Nigerian subsidiary illegally. The reports refer to allegations made on the floor of the Senate that MTN had illegally repatriated $13.92 billion out of Nigeria over a period of 10 years in collusion with a number of commercial banksIn a short statement, MTN said that "the allegations made against MTN are completely unfounded and without any merit"The company has struggled in Nigeria in recent years, with a huge fine of USD5.2 billion being negotiated down to a still substantial USD1.7 billion.

***Vodafone UK has been fined for the second time this year by London's transport authority for unauthorised roadworks. Vodafone's offences, which took place between February and March this year, include working without a permit in Borough High Street and failing to serve the required streetworks notices before starting work.Vodafone failed to pay the Fixed Penalty Notices issued by TfL in response to these offences.Ahead of a hearing at Westminster Magistrates Court on 28 September, Vodafone pleaded guilty to the offences and the company was fined a total of £3,500 and ordered to pay prosecution costs of £3,020.

***Telefonica has scrapped plans to launch an initial public offering (IPO) of its infrastructure division Telxius, which operates around 16,000 towers in Europe and Latin America and more than 65,000km of submarine fibre-optic cables worldwide, due to inadequate demand from investors. The Spanish group said in a statement that it would ‘continue analysing strategic alternatives’ for the division. Bloomberg writes that investors had balked at the asking price of EUR12-EUR15 (USD13.5-USD16.8) per share, and that Telefonica and its advisers had considered lowering the price range or reducing the size of the deal but ultimately chose to cancel the offering. Telefonica had previously planned to launch an IPO for Telxius earlier this year but postponed the listing amidst the market turmoil following the UK’s decision to leave the EU in June.

***Russia's VimpelCom has selected Cisco Jasper to be the Smart Connectivity management platform across its global network operator properties. The partnership is aimed at enhancing commercial opportunities internationally for the business to business segment. Using the Cisco Jasper Internet of Things (IoT) platform, Control Center, VimpelCom business customers will be able to implement, manage, and monetize M2M/IoT services, such as fleet management and smart metering, through seamless device connectivity.Cisco Jasper partners with 33 mobile operator groups that represent more than 120 mobile operator networks worldwide. As a result, when businesses are ready to scale their operations to countries outside of VimpelCom's markets, they can quickly and easily do so.

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