MTN, bank in R1bn claim

TELECOM company MTN and Standard Bank face a claim of up to R1billion rand for infringement of technology patents in their joint venture MTN Banking.

TELECOM company MTN and Standard Bank face a claim of up to R1billion rand for infringement of technology patents in their joint venture MTN Banking.

The head of South African technology company 3MFuture, Wolfram Reiners, said on Friday that MTN and Standard Bank have been served with summons to appear in a patent court because he alleges their MTN Banking venture uses technology he has patented.

A spokesperson for Standard Bank, Africa's biggest lender by assets, confirmed the bank had received a summons but declined to comment further.

MTN also confirmed it had received a summons and said the matter was under consideration. - Reuters

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