MTN Zakhele investor relations nightmare

<p>I Just spoke to a client services consultant at the shareholder Call Centre, she confirmed that they have not updated my banking details or my personal details under my investor account. I don't understand how it can take over 4 weeks to update a few static details on an investor account! Surely there has to be a link and positive correlation between the finance department and compliance. How can you process payments without confirming what updated bank accounts we have??? We filled in the forms over a month before the payment cycle was supposed to commence. And even though the process is manual, it can't take that long.</p> <p>I sent in a completed change in investor details form on the 17th of November and according to<br /> your call Centre, the Compliance department that's based in Braamfontein has not updated my details yet due to an administrative back-log; meaning the money you're supposed <br /> to transfer to us will be sent to possibly dormant or incorrect bank accounts as things stand. Seeing as the cash payments cycle started on the 13th of December and the account details <br /> actually haven't been updated yet? and by the way things sound at that *********** call Centre, MTN processes EACH client's payment manually (like a cash deposit at a bank through a Teller!) as opposed to using the SAMOS and SAFIRES systems that they definitely have access to through their custodians and CSDP! </p> <p>There's obviously a lot of disparity between the functional departments under question here, the processes you've outlined on your website and the shareholder call Centre. I asked the call Centre consultant how MTN will manage the reallocation of our funds into the correct bank account after the transfers processed bounce back due to them have old bank details? She said she doesn't know and that we must just wait? I mean the level of incompetence and the attitudes are horrific. They're quick to tell you that they're based in Cape Town and the Compliance department is in Johannesburg... so they can't actually get answers to any of our questions, I'm guessing this is because they send them via post or with ***eons so they'll never get to Braamfontein will they? because emails haven't been invented yet. The lady also said the compliance in Braamfontein doesn't answer any phone calls nor do they answer questions when asked.</p> <p> This whole process has been extremely exhausting and frustrating and it doesn't look like it will be over anytime soon. All we can hope for is that they eventually pay us and we'll never buy anything that even remotely resembles MTN, ever again!</p>