je.st

Home › vimpelcom

Tag: vimpelcom

Telenor admits 'insufficient' handling of VimpelCom case

2016-04-29 08:54:00| Telecompaper Headlines

(Telecompaper) Telenor is letting its CFO and general counsel go following a report showing the company failed to respond quickly to indications of corruption at its affiliate Vimpelcom. Telenor's board hired Deloitte Advokatfirma in November 2015 to investigate its handling of the allegations. The report found that Telenor's handling of the VimpelCom ownership was "insufficient". In 2011 already an employee seconded to VimpelCom raised concerns of potential corruption to executives in Telenor and to Telenor's nominated board members at VimpelCom. This concern, however, was not shared with Telenor's then CEO, Jon Fredrik Baksaas, until March 2014 and then to the Telenor board of directors in December 2014. The Norwegian state, Telenor's main shareholder, was not told until October 2015. Following the report, Telenor reached an agreement for CFO Richard Olav Aa and General Councel Pal Wien Espen to resign. CEO Sigve Brekke said the company "acknowledges that on this occasion we were unsuccessful in handling an important concern according to Telenor's ethical standards" and the group has initiated several measures to improve governance, compliance and transparency.

Tags: case handling insufficient admits

Telenor execs resign as 'weaknesses' in Vimpelcom case come to light

2016-04-29 02:00:00| Total Telecom industry news

Norwegian operator shares details of Deloitte report into its handling of Vimpelcom case; discloses possible ethics violations in other markets.

Tags: to case light weaknesses

Telenor edges closer to Vimpelcom stake sale

2016-04-04 02:00:00| Total Telecom industry news

Norwegian incumbent reportedly in talks with potential suitors; CEO eyes Vietnam, Indonesia.

Tags: sale closer edges stake

UPDATE 1-EU opens in-depth investigation into Hutchison, Vimpelcom Italian deal

2016-03-30 17:25:34| Telecom - Topix.net

European Union antitrust regulators have opened an in-depth investigation into Hutchison's planned merger of its Italian mobile telecoms business with Vimpelcom's, on concerns it could lead to higher prices for consumers. "The Commission has concerns that the transaction could lead to higher prices, less choice and reduced innovation for mobile customers in Italy," the European Commission said in a statement on Wednesday.

Tags: update deal italian investigation