The escalating situation in Iran is a massive drag on any South African business immersed in the global supply chain. But for a multinational network operator like MTN, it is all their worst nightmares coming true at once.

The Gulf conflict has made for a rough ride for South African companies with tentacles spread across the globe. Paul Vos, Regional Managing Director of CIPS (Chartered Institute of Procurement & Supply) Southern Africa says this "is not a distant geopolitical issue".

"It is already impacting freight routes, pricing structures and working capital cycles in southern Africa," he says. "Businesses that rely on just-in-time models or concentrated supplier bases are particularly exposed."

But one SA-based company is having a particularly bad time of it. MTN's 49% stake in Irancell - Iran's second largest mobile network - has been a constant geopolitical headache, with group CEO Ralph Mupita telling media during a briefing in September 2025 that it is a "frozen asset".

He explained that due to the reimposition of US sanctions, it became impossible for MTN to repatriate funds or move capital in and out of the country. In fact, MTN told Daily Maverick that it has not been able to extract any gains from Iran since May 2018.

And now with Ayatollah Ali Khamenei and Defence Minister Amir Nasirzadeh both killed in a missile strike on Saturday, Irancell has also been decapitated - at least temporarily, until...