The following is the report sent to MTN staff and share holders.
Herewith a further overhaul on the fine forced on MTN Nigeria and recharging of preventative declaration: Further to the SENS declaration issued by the Company on 4 December 2015, shareholders are prompted that all elements having a heading on the matter have been completely and painstakingly considered including an audit of the circumstances prompting the fine and the ensuing letters got from the Nigerian Communications Commission (NCC).
MTN Nigeria following up on legitimate guidance has determined that the way of the burden of the fine and the quantum thereof is not as per the NCC's forces under the Nigerian Communications Act and accordingly there are substantial grounds whereupon to challenge the fine.
In like manner MTN has taken after due procedure and has trained its legal advisors to continue with an activity in the Federal High Court in Lagos looking for the proper reliefs. MTN is exhorted that in the present circumstances in accordance with the lis pendens tenet (pending lawful activity) the gatherings are ordered to control from making further move until the matter is at long last determined.This is steady with past legal choices in Nigeria.
Despite this activity, the Company will keep on connecting with the Nigerian Authorities to attempt and guarantee a neighborly determination to the greatest advantage of the Company, its partners and the Nigerian Authorities Shareholders are along these lines encouraged to keep on practicing alert when managing in the Company's securities until a further declaration is made. As prompted already, we will keep you redesigned as the matter develops. I urge you to keep concentrating on our clients and endeavor to stay faithful to our commitment to give the intense, new Digital World to them.
Respects, Phuthuma
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