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TeliaSonera Fires Execs Over Eurasia Deals

STOCKHOLM -- On April 18 TeliaSonera’s 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.”

Telia Company

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