Telenor should sever VimpelCom involvement - analysts / News / The Foreigner

The Foreigner Telenor should sever VimpelCom involvement - analysts. Financial analysts say the best option for Telenor is to cut all ties with the troublesome company as the investigation deepens. Both Norwegian and Dutch Økokrim have questioned Jon Fredrik Baksaas in relation to the suspected VimpelCom corruption case. Aftenposten has reported that the prosecuting authorities in Netherlands and Switzerland are leading the investigation in which the Økokrim’s (Norwegian National Authority for Investigation and Prosecution of Economic and Environmental Crime) corruption team has helped.

telenor, vimplecom, uzbekistan



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Telenor should sever VimpelCom involvement - analysts

Published on Friday, 21st November, 2014 at 15:03 under the news category, by Susanne Tunge Østhus.

Financial analysts say the best option for Telenor is to cut all ties with the troublesome company as the investigation deepens.



Both Norwegian and Dutch Økokrim have questioned Jon Fredrik Baksaas in relation to the suspected VimpelCom corruption case.

Aftenposten has reported that the prosecuting authorities in Netherlands and Switzerland are leading the investigation in which the Økokrim’s (Norwegian National Authority for Investigation and Prosecution of Economic and Environmental Crime) corruption team has helped.

Økokrim has confirmed to the publication that they have made seizures in Telenor’s headquarters in Fornebu.

“We have obtained a so-termed order for compulsory disclosure relating to specific documents,” said Økokrim Public Prosecutor Arnt Angell.

The Minister of Trade and Industry Monica Mæland called Telenor’s Chairman Svein Aaser in for a meeting to account for Telenor’s connection with VimpelCom.

“I have confidence that Telenor has followed all the rules and that the Board of Telenor takes this seriously. I have gotten a long and thorough account,” Minister Mæland stated about the meeting.

With the increased negative attention towards Telenor for its ownership in VimpelCom, several financial analysts are urging Telenor to get rid of their shares in the company.

“Vimpelcom increasingly appears to be a problematic stake for Telenor. Not only in the light of what we see now, but what we have seen over the entire period of Telenor’s share ownership,” says analyst Tore A. Tønseth in Sparebank 1 to Dagens Næringsliv.

The corruption case is being linked to Teliasonera’s corruption case, which also was due to agreements made in Uzbekistan.

“It is almost the same, but the difference there is that TeliaSonera was the direct owner of its Uzbek subsidiary, and it made the whole situation much more difficult for them. It is difficult to say what the meaning of ownership in VimpelCom has to say for Telenor,” said analyst Daniel Johansson at investment banking company Fondsfinans.



Published on Friday, 21st November, 2014 at 15:03 under the news category, by Susanne Tunge Østhus.

This post has the following tags: telenor, vimplecom, uzbekistan.





  
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