A KPMG investigation, linked to former MTN CFO Nazir Patel, is expected to be completed within the next two to three weeks, president and CEO Sifiso Dabwenga said this morning.
Dabengwa was answering questions after presenting the group's interim results. He did not disclose the nature of the issue, but said MTN found out in June there was "something amiss" in terms of its processes.
KPMG was brought in on the back of this and should report back to the board within the next two to three weeks, says Dabengwa. He says there was a governance issue around a specific transaction.
Patel's resignation was announced in a statement last month and he left with immediate effect.
According to the statement, Patel chose not to continue working for MTN in light of an ongoing investigation into allegations made against him by the company.
The Sunday Times has reported that Patel allegedly diverted money out of the operator's Iran business, flouting the company's procedures.
Iran is MTN's second-largest operation, with 42 million subscribers, although the company is currently unable to repatriate money out of it due to ongoing sanctions.
Brett Goschen has been appointed as CFO and executive financial director on the board. He joined MTN as CFO of MTN Nigeria in 2002. He was appointed CFO of MTN Ghana in 2006 and returned to MTN Nigeria as CEO in 2011.
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