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Provider: Wright Reports
Provider: MarketLine (a Datamonitor Company)
Provider: Sadif Analytics Prime

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TeliaSonera AB Issues Board Statement Regarding External Review of Investments in Uzbekistan

Friday, 1 Feb 2013 04:08am EST 

TeliaSonera AB announced that in September 2012 allegations were made in relation to its investments in Uzbekistan. The law firm Mannheimer Swartling was assigned to make an outside assessment of the allegations. The review has been finalized and has not found substance to the allegations that TeliaSonera was involved in bribery or money laundering. Mannheimer Swartling directed criticism at TeliaSonera for shortcomings in the investment process and concluded that not enough effort was made to investigate local partner in Uzbekistan. It also announced that internal controls were not sufficient to ensure that it did not risk becoming involved in any unethical business. The Board concluded the investments were not carried out in satisfactory manner. The internal information and control was not sufficient to pick up warning signs that there were ethical risks. One consequence was that subsequent investments were also not subjected to proper examination. The Board concurs with and shares Mannheimer Swartling's criticism. It also announced that it cannot be ignored that many key people in the Company were changed in 2007. This may have contributed to lacking continuity. The Company wants to increase efforts in developing principles and processes that respect human rights and protect the Company from corruption. It also started to work with Transparency International Sweden as advisors. It has developed new processes and stringent risk assessment procedures for future investments. 

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18 Sep 2014