MTN Fights ‘Bizarre’ Funds Seizure in Cameroon Over Dispute
- Courts ordered MTN’s bank partners to transfer funds to escrow
- MTN says it isn’t a party to the dispute that led to the order
Shoppers pass an MTN Group Ltd. store in Johannesburg, South Africa.
Photographer: Waldo Swiegers/BloombergThis article is for subscribers only.
A Cameroon court ordered banks used by South Africa’s MTN Group Ltd. to transfer its funds into escrow over a dispute the wire carrier says it has nothing to do with, marking an escalation of a conflict that had already frozen MTN’s access to local accounts.
The order, dated June 9, relates to a dispute between South African lender First National Bank and Cameroonian businessman Ahmadou Baba Danpullo, MTN said in an emailed response to questions.