By Anna Molin and Charles Duxbury
STOCKHOLM--TeliaSonera's (TLSN.SK) board Friday said criticism
of the company's activities in Uzbekistan was justified, but a
company-appointed law firm had found there was no substance to
allegations of bribery or money laundering in connection with its
investments in the Central Asian state.
The board of the Swedish telecom operator released the statement
to coincide with a report from law firm Mannheimer Swartling that
TeliaSonera had requested.
TeliaSonera ordered the report in October last year after an
investigative program on Swedish Television, the country's public
broadcaster, alleged the company had been involved in money
laundering in relation to the acquisition of an Uzbekistan wireless
data license, spectrum frequencies and number series from
Gibraltar-based Takilant Ltd. in 2007.
The Mannheimer Swartling report, which doesn't have any judicial
implications and is separate from a criminal probe launched by
Swedish prosecutors in September, set out to determine whether the
investment involved any form of corruption.
"The board concludes that Mannheimer Swartling has not found any
substance to the allegations that TeliaSonera committed bribery or
participated in money laundering in connection with its investments
in Uzbekistan," the company statement said.
Prosecutors in court documents have alleged that TeliaSonera
knew that one of the local partners of Takilant was Gulnara
Karimova, the daughter of Uzbek President Islam Karimov.
TeliaSonera has denied that it was aware of any other beneficiaries
than Takilant's registered director, Gayane Avakyan, a woman who
was linked in the TV program with Ms. Karimova.
The TeliaSonera board also noted that Mannheimer Swartling
directs serious criticism at TeliaSonera for shortcomings in the
investment process and concludes that not enough effort was made to
investigate the local partner in Uzbekistan, or how the local
partner could hold the rights that were later transferred.
"The board concurs with and shares Mannheimer Swartling's
criticism," the statement said.
Write to Charles Duxbury at charles.duxbury@dowjones.com
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