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MTN Group announced on Monday that it is under investigation by a US Department of Justice grand jury.
The probe focuses on MTN’s past operations in Afghanistan, which it has since exited, and its 49% stake in Irancell in Iran.
Both countries are politically unstable, with Iran subject to sweeping US sanctions and Afghanistan facing targeted sanctions against certain individuals.
“MTN has been contacted, through its external US counsel, regarding a DoJ grand jury investigation involving MTN Group, its former Afghan subsidiary, and Irancell,” the company disclosed in its 2025 interim financial results, released on Monday.
“MTN is cooperating with the DoJ and voluntarily responding to requests for information. The company will update the market as appropriate on any material developments in the matter.”
In Afghanistan, MTN is battling a class-action lawsuit brought by families of fallen U.S. soldiers. The suit alleges that the telecom giant violated the U.S. Anti-Terrorism Act by indirectly supporting terrorist groups operating in the country.
MTN has been accused of paying protection money to the Taliban in Afghanistan, a move that, according to critics, put U.S. servicemembers at risk.
And the company’s Middle East troubles don’t stop there. In June, TechCentral reported that Turkish operator Turkcell escalated its two-decade-long fight with MTN, filing papers with South Africa’s constitutional court over a disputed mobile license awarded by the Iranian government nearly 20 years ago.
MTN’s stock tumbled more than 9% on Monday, despite the telecom giant posting solid first-half growth in revenue, profit, and free cash flow. Much of the momentum came from a turnaround at MTN Nigeria, even as sales in South Africa, its home market, slipped 3.7% in the six months to June 30.
The company also unveiled a wave of board changes but held back on declaring an interim dividend. Adjusted headline earnings per share jumped 76.1% to 657 cents, while reported HEPS surged 352% to 645 cents.
Even after Monday’s drop to R155.89, MTN shares remain well above the R90.28 level they traded at a year ago.