MTN’s Plan to Exit Iran Investment Stymied by US Sanctions

South Africa’s MTN Group Ltd. said its plans to exit its investment in Iran are being hindered by US sanctions on the Middle Eastern nation.

“You cannot take money in and you cannot take money out,” making the group’s investment in that country “a frozen asset,” Chief Executive Officer Ralph Mupita told reporters at a briefing in Johannesburg on Friday. “Our strategy has been a full exit on the Middle East.”

The Johannesburg-based group holds a minority interest in Irancell, which is not under its operational control, while it sold its Afghanistan operations early last year. MTN is facing a ...