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CORRECT: MTN Shares Drop On News Of Probe Into Iran Bribery Allegations

("CORRECT: MTN Shares Drop On News Of Probe Into Iran Bribery Allegations," at 1355 GMT, misstated the capital city of Iran in the second-to-last paragraph. The correct version follows:) --MTN shares drop after company says investigating bribery claims --Turkish mobile operator Turkcell alleges MTN bribed officials in 2005 --MTN says it has no tolerance for corruption By Devon Maylie Of DOW JONES NEWSWIRES JOHANNESBURG -(Dow Jones)- Shares of South Africa's MTN Group Ltd. (MTN.JO) fell Friday after the company said it is investigating claims by Turkey's largest mobile phone operator that it engaged in corruption to secure a deal in Iran. According to MTN, Turkcell Iletisim Hizmetlera AS (TKCM) alleges the South African company encouraged Pretoria to support Iran's nuclear power development program in 2005, and also claims MTN made improper payments to an Iranian and a South African government official between 2004 and 2005 to enable the company to secure a license to operate in Iran. MTN holds a 49% stake in Irancell, Iran's No. 2 mobile phone operator, with the government as its partner. Turkcell lost out to MTN in 2005 in securing the license, the second to be tendered in Iran. Around 21% of MTN's subscribers are in Iran. MTN Chairman Cyril Ramaphosa said late Thursday the company's board of directors was setting up a special committee to investigate the allegations made by Turkcell to preempt possible legal action. "MTN has zero tolerance for corruption and unethical business practices," he said. Turkcell declined to comment Friday. South Africa's Department of International Relations and Cooperation said the government wouldn't be "dragged" into the issue, which it said is between the two companies. The Turkish company has also pursued various cases against Iran's government, one of which is still pending, claiming Iran violated a shareholders agreement. The allegations come as MTN's Iranian operation is the target of a U.S. lobby group, which is seeking to get foreign businesses to leave Iran. United Against Nuclear Iran last week sent a letter to MTN Chief Executive Sifiso Dabengwa calling for the company to pull out of the country, alleging MTN's technology is being used by Iran's government to locate and track mobile-phone users. MTN declined to comment on the letter at the time, but said it had no intention of leaving the country. Meanwhile, analysts at Credit Suisse have said rising sanctions against Iran from the U.S. and Europe could start to hinder MTN's access to cash flows in the country. The U.S. and Europe are enacting new sanctions in an effort to choke off revenue to Tehran to try to stop what they say is a program of nuclear weapon development, a claim Iran denies. At 1319 GMT, MTN shares were down ZAR2.82, or 2%, at ZAR135.47. -By Devon Maylie, Dow Jones Newswires; +27117837848; devon.maylie@dowjones.com

Stock News for Turkcell Ilet (TKC)
DateTimeHeadline
02/05/201409:52:08Turkcell Shareholder Cukurova Gets Extension on Payment to Alfa...
01/02/201409:04:15Turkcell Says Faces TRY527.7 Million Tax Demand and Fine
11/15/201309:01:37HBK Investments LP 3Q 13F: Largest Eliminations
11/15/201309:01:27HBK Investments LP 3Q 13F: Largest Eliminations -2-
11/15/201309:01:27HBK Investments LP 3Q 13F: Largest Sales
11/15/201309:01:27HBK Investments LP 3Q 13F: Largest Purchases
08/16/201306:53:36Turkish Regulators Move to End Turkcell Quagmire
07/29/201311:55:22UK Court Grants Turkcell's Stakeholder Cukurova Extension to...
07/16/201309:02:12Turkcell Holder Cukurova Seeks Extension For $1.56 Billion Alfa...
07/16/201306:15:09Turkey's Regulator to Appoint Two Board Members to Turkcell
07/09/201310:13:11TeliaSonera Welcomes UK Court Decision on Turkcell
07/09/201306:09:58Turkcell Majority Stake to Cost Cukurova $1.56 Billion, UK Court...
06/24/201306:24:16TeliaSonera: Regrets Turkcell's Failed AGM
05/29/201311:36:08Turkcell To Hold Postponed Annual General Meeting on June 24
05/14/201306:56:13Turkcell Seeks Board Approval to Distribute At Least 50% of Profit...
04/17/201305:16:38Turkcell to Hold General Assembly on May 22
03/12/201306:04:12Turkey's Regulator Appoints Three Independent Board Members to...
03/04/201305:54:11SUBSCRIBERS: Please Disregard Headline on Turkcell Majority Stakeholders
01/30/201307:48:22Turkcell Controlling Stakeholder Cukurova Could Redeem Shares...
10/30/201211:31:54MTN Uganda Executives On Trial Over $27 Million Tax Scam

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