Swedish incumbent TeliaSonera has announced plans to tighten its risk management for major investments as it investigates corruption allegations in Uzbekistan.
Following a board meeting today, chairman Anders Narvinger said the company was still…
Swedish incumbent TeliaSonera has announced plans to tighten its risk management for major investments as it investigates corruption allegations in Uzbekistan.
Following a board meeting today, chairman Anders Narvinger said the company was still committed to difficult markets such as Uzbekistan, Tajikistan and Kazakhstan. However, he said the company planned to tighten risk management processes in order to ensure it is in line with the company’s code of ethics and conduct, as well as United Nations and OECD guidelines.
“A prerequisite for making any investments is that we can do it in a financially and ethically sustainable way,” said Narvinger.
“At the same time, the position we are currently in has revealed that we need to sharpen our guidelines and processes for making investments. Work to develop these new guidelines has already begun and they will come into full force on 1 January 2013, but they will also affect ongoing investment processes.”
TeliaSonera denies allegations of bribery and money laundering in connection with obtaining its Uzbek 3G licence. Swedish anti-corruption investigators have launched a probe into the claims, and the company has also hired Mannheimer Swartling to conduct its own external review into the matter.
