{"id":42764,"date":"2013-07-24T10:04:54","date_gmt":"2013-07-24T08:04:54","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=42764"},"modified":"2013-07-24T10:07:02","modified_gmt":"2013-07-24T08:07:02","slug":"mtn-moves-to-assure-investors-over-cfo","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/mobile\/42764\/mtn-moves-to-assure-investors-over-cfo\/","title":{"rendered":"MTN moves to assure investors over CFO"},"content":{"rendered":"

South African mobile operator\u00a0MTN Group<\/a>\u00a0says allegations against its former chief financial officer had to do with governance and would have \u201cno impact\u201d on its financial results.<\/p>\n

MTN said late on Monday (22 July) CFO\u00a0Nazir Patel<\/a>\u00a0had resigned due to an on-going investigation into allegations against him.<\/p>\n

\u201cThe allegations against Mr Patel are of a governance nature, and have no impact on MTN\u2019s financial results, past or future,\u201d MTN chief executive\u00a0Sifiso Dabengwa<\/a>\u00a0said in a statement.<\/p>\n

Shares in MTN Group declined 2.7% in morning trade on the JSE on Tuesday following the announcement late on Monday (23 July) of the resignation of its chief financial officer, Nazir Patel.<\/p>\n

However, it recovered some of its earlier losses by close of play on the local bourse, and was up a fraction on Wednesday (24 July) morning, to R175.09.<\/p>\n

\u201cPatel explained to the company that he does not wish his continued\u00a0employment with the company to prejudice the company in respect of certain allegations made\u00a0against him, which are subject to an ongoing investigation which had been commissioned by the company,\u201d MTN said in a statement on Monday.<\/p>\n

Brett Goschen<\/a>\u00a0has been appointed as Group CFO and executive financial\u00a0director on the Board.<\/p>\n

A trader at\u00a0PSG Konsult<\/a>\u00a0said that the market has perceived the resignation as a negative for the company.\u00a0 \u201cMTN is down on the back of that resignation and on an impending investigation by the group.\u201d<\/p>\n

He said that MTN has come under fire for the way it conducts business in emerging markets. \u201cIt is prepared to stick its head out, and if you do business in the Middle East, in Africa, in Nigeria, this is what one should expect.\u201d<\/p>\n

However, the trader added that MTN continues to be a good investment. \u201cWe still like MTN because of its growth and exposure to emerging markets.\u201d<\/p>\n

MTN operates in 22 countries in Africa and the Middle East and at the end of April it had in excess of 197 million subscribers.<\/p>\n

Shares in MTN have gained 42.3% or R52 over the past year, while the group has a market cap of R329.5 billion.<\/p>\n

More on MTN<\/h3>\n

MTN slides on CFO resignation<\/strong><\/a><\/p>\n

MTN executive resigns amid controversy<\/strong><\/a><\/p>\n

MTN CEO\u2019s pay hits R22.5m<\/strong><\/a><\/p>\n

Executive shake-up at MTN Group<\/strong><\/a><\/p>\n

MTN SA gets new CEO<\/a><\/strong><\/p>\n

Phuthuma Nhleko rejoins MTN<\/a><\/strong><\/p>\n

MTN hit with Fitch downgrade<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

MTN Group says allegations against its former chief financial officer had to do with governance and would have \u201cno impact\u201d on its financial results.<\/p>\n","protected":false},"author":10,"featured_media":9254,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[34],"tags":[25,4512,28,2503,1310,1890],"class_list":["post-42764","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mobile","tag-active","tag-brett-goschen","tag-mtn","tag-nazir-patel","tag-psg-konsult","tag-sifiso-dabengwa"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/42764","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=42764"}],"version-history":[{"count":3,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/42764\/revisions"}],"predecessor-version":[{"id":42766,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/42764\/revisions\/42766"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/9254"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=42764"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=42764"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=42764"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}