TeliaSonera has hired Norton Rose to review its partners and the deals it has made in Eurasia in the past few years after being hit by controversy in Uzbekistan. The Swedish telco, which reshuffled its board after an internal investigation criticised a…
TeliaSonera has hired Norton Rose to review its partners and the deals it has made in Eurasia in the past few years after being hit by controversy in Uzbekistan.
The Swedish telco, which reshuffled its board after an internal investigation criticised a lack of due diligence when it acquired an Uzbek 3G licence in 2007, said the wider review will give it further clarity on its investments.
It will perform a risk assessment from a business ethical perspective across its Eurasian portfolio, which includes Kazakhstan, Azerbaijan, Uzbekistan, Tajikistan, Georgia, Moldova and Nepal.
Chair Marie Ehrling explained: “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.”
TeliaSonera expects to complete the review by the end of the year.
Norton Rose, which expanded operations to Australia in January 2010 to strengthen its focus in Eurasia, has broad experience in advising on business ethics, including anti-corruption activities. This is the first time it has served as TeliaSonera’s adviser.
Although TeliaSonera’s previous internal review, by Swedish law firm Mannheimer Swartling, found nothing to support allegations that it had committed bribery or participated in money laundering in Uzbekistan, it said more in depth analysis should have been done into the deal. TeliaSonera is also being investigated by Swedish authorities under a separate probe.
Norton Rose declined to comment.
