Norwegian PM tries to protect Telenor / News / The Foreigner

Norwegian PM tries to protect Telenor. Prime Minister Jens Stoltenberg is worried the Unitech Indian licensing scandal related will hit Telenor. "We are concerned that Telenor should not be penalized for things they are not responsible for," Mr. Stoltenberg told Reuters in an interview in Oslo last week. Uninor, formerly known as Unitech Ltd., is accused of having stripped the Indian Government of billions of dollars when acquiring the second-generation (2G) spectrum and licenses. Partner Telenor owns 67.25 percent of Unitech’s wireless unit.

telenor, uninor, unitech, jensstoltenberg, indian2glicensesscandal



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Norwegian PM tries to protect Telenor

Published on Monday, 11th April, 2011 at 17:32 under the news category, by Ramona Tancau.

Prime Minister Jens Stoltenberg is worried the Unitech Indian licensing scandal related will hit Telenor.

Telenor / Uninor
Telenor / Uninor
Photo: Espen Klem/Flickr


"We are concerned that Telenor should not be penalized for things they are not responsible for," Mr. Stoltenberg told Reuters in an interview in Oslo last week.

Uninor, formerly known as Unitech Ltd., is accused of having stripped the Indian Government of billions of dollars when acquiring the second-generation (2G) spectrum and licenses. Partner Telenor owns 67.25 percent of Unitech’s wireless unit.

The corruption scandal also drew in Etisalat (another Indian telephone operator), and the former Indian Telecommunications Minister Andimuthu Raja, amongst others.

According to Reuters, the PM expressed his trust in the Indian legal system to handle the case “in an orderly manner.” 

He also wrote a letter to his Indian counterpart, Prime Minister Manmohan Singh to protect foreign investments, including Telenor’s, Dagens Næringsliv (DN) reports.

The Indian Government cleared the company of any corruption accusations, as the illegalities took place prior to Telenor buying Unitech shares in 2008.

“When Telenor invested INR 61.2 billion for a 67.25 per cent ownership in Unitech Wireless, it was in a company that already had a genuine license issued by the Indian government with all necessary approvals. During our own due-diligence process we found no reason to believe that the license was not awarded in accordance with the guidelines set by the authorities,” Telenor states in a press release.

At the beginning of this month, the Indian Central Bureau of Investigation (CBI) brought charges against the managing director of Unitech, Mr. Sanjay Chandra as well as Unitech Wireless relating to their ownership before the joint venture with Telenor took place.

Sigve Brekke, Executive Vice President and Head of the Telenor Asia operations said that the company has “zero tolerance for corruption” and that the ones guilty for such actions should be held accountable.”

The Norwegian Government owns 54 percent shares in the Telenor Group, which spent $1.4 billion on the Unitech shares and has reached 20 million subscribers in the Indian market to date.




Published on Monday, 11th April, 2011 at 17:32 under the news category, by Ramona Tancau.

This post has the following tags: telenor, uninor, unitech, jensstoltenberg, indian2glicensesscandal.





  
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