Last checked at 29 Nov 2013 08:29
On April 18 TeliaSonera’s (OSE:TEL)(STO:TLSN)(HEX:TLS1V)(LSE:TEE)(Nasdaq:TLSN) Board of Directors assigned the international law firm Norton Rose Fulbright LLP with the task to conduct a thorough review of the transactions and agreements made over the past few years by TeliaSonera and partners in Eurasia. The purpose of the review was for the Board and management to get as thorough a view as possible of the Group’s transactions in Eurasia, and to carry out a risk assessment from a business ethics perspective of these transactions.
The review is still on-going. On the basis of the information and conclusions to date it is evident to TeliaSonera’s Board and CEO that the processes for conducting some transactions have not been in line with sound business practices. As a consequence four individuals will now leave the company.
In addition to Norton Rose Fulbright the Swedish law firm Mannheimer Swartling has also advised the Board.
Statement from Marie Ehrling, Chairman of the Board
“The Board’s conclusion is that some senior employees no longer have the trust of the Board. Therefore they have been notified that their employment with TeliaSonera will be terminated and they will leave their position effective immediately. It is not the Board’s task to assess the legal aspects, but we have decided to hand over the material from the Norton Rose Fulbright review to the Prosecutor’s office as part of our continuous dialogue.”
“The President and CEO Johan Dennelind has already taken important measures to strengthen governance and compliance in TeliaSonera. The board will with all possible means support and facilitate this important work.”
Statement from Johan Dennelind, President and CEO
“Together with the Board I have come to the conclusion that the way some transactions in the past were managed does not live up to the high standards of business ethics and transparency that TeliaSonera wants to stand for. Based on Norton Rose Fulbright’s findings I am taking necessary actions. It is the responsibility of all our employees, including senior management, to ensure that we maintain high standards of business ethics and to implement necessary governance and compliance to uphold them. Going forward we need strong leadership on all levels to create a sound culture.”
Analyst call
A telephone conference for analysts will be hosted by the CEO from 12:00 to 12:30 CET. Dial-in numbers: +44 (0) 1452 555 566, 0800 694 02 57 Access code: 18968120.
TeliaSonera AB discloses the information provided herein pursuant to the Swedish Securities Markets Act and/or the Swedish Financial Instrument Trading Act. The information was submitted for publication at 08:55 a.m. CET on November 29, 2013.
Forward-Looking Statements
Statements made in the press release relating to future status or circumstances, including future performance and other trend projections are forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. There can be no assurance that actual results will not differ materially from those expressed or implied by these forward-looking statements due to many factors, many of which are outside the control of TeliaSonera.
TeliaSonera provides network access and telecommunication services in the Nordic and Baltic countries, the emerging markets of Eurasia, including Russia and Turkey, and in Spain. TeliaSonera helps people and companies communicate in an easy, efficient and environmentally friendly way. Our ambition is to be number one or two in all our markets, providing the best customer experience, high quality networks and cost efficient operations. TeliaSonera is also the leading European wholesale provider with a wholly-owned international carrier network. In 2012, net sales amounted to SEK 105 billion, EBITDA to SEK 36.1 billion and earnings per share to SEK 4.59. The TeliaSonera share is listed on NASDAQ OMX Stockholm and NASDAQ OMX Helsinki. Read more at www.teliasonera.com (http://www.teliasonera.com)
This information was brought to you by Cision http://news.cision.com
TeliaSonera press office+46 771 77 58 30press@teliasonera.comVisit our Newsroom (http://www.teliasonera.com/en/newsroom/) or follow us on Twitter @TLSN_Media (https://twitter.com/TLSN_Media)
Copyright Business Wire 2013