The Board of Directors launches review of transactions in Eurasia, led by Norton Rose
In connection with TeliaSonera’s Annual General Meeting on April 3, the company’s new Board of Directors announced that it intended to conduct a thorough review of the transactions and agreements made in the past few years and the company’s partners in Eurasia. The Board has today decided to assign the responsibility for conducting this review to the international law firm Norton Rose LLP.
The aim of the review is to give TeliaSonera’s new Board of Directors a clear picture of the company’s transactions in Eurasia and to perform a risk assessment from a business ethical perspective. TeliaSonera’s present processes and routines will also be analysed in order to assess whether they are suitable and sufficient for managing the identified risks.
“Norton Rose is an independent law firm with solid experience of similar assignments. The review will be performed in stages, country by country, to allow the scope of the assignment to be adjusted along the way. The Board aims to be as transparent as possible regarding the reviews and will continuously take a stand on what is communicated externally and when,” says Marie Ehrling, Chairman of the Board of TeliaSonera.
It is estimated that the review of all transactions in Eurasia will be completed by the end of 2013.
Norton Rose is a leading international law firm with more than 2,900 lawyers. The firm offers a full business law service to many of the world's pre-eminent financial institutions and corporations from offices in Europe, Asia, Australia, Canada, Africa, the Middle East, Latin America and Central Asia. Norton Rose has broad experience from work related to business ethics, including anti-corruption activities, and from corporate transactions in many different countries. Norton Rose has not served as TeliaSonera’s advisor before.
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.