Why MTN CFO Nazir Patel resigned

The Sunday Times reported on 28 July 2013 that MTN CFO Nazir Patel left the company because he “broke … procedures by diverting money out of MTN’s thriving business” in Iran.

On 22 July 2013 MTN announced that Patel resigned with immediate effect. According to a press statement Patel explained that he does not wish his continued employment with MTN to prejudice it “in respect of certain allegations made against him”.

The MTN statement further said that there is an ongoing investigation into Patel, which has been commissioned by MTN.

The Sunday Times reported that the investigation into Patel focusses on how he “broke MTN’s procedures in transferring its cash out of Iran through Dubai”.

The newspaper added that while details remain sketchy, there is no indication that money went missing or that something illegal took place.

The full report is available in the Sunday Times published on 28 July 2013

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Why MTN CFO Nazir Patel resigned