Telenor CEO Quits Vimpelcom Board

Jon Fredrik Baksaas, CEO Telenor Group, yesterday stepped down from VimpelCom board at a time when VimpelCom is being investigated for allegedly bribing Uzbek authorities for acquiring telecom licenses in the country.

A statement issued by Telenor group late last night said that Baksaas will be withdrawing from VimpelCom board with immediate effect.

It maybe recalled that Telenor holds a 33% financial rights and 43% voting rights in VimpelCom.

Move is triggered by an on-going investigation, started last month, that involves VimpelCom’s alleged role in bribing Uzbekistan’s first daughter (valuing as much as USD 55 million) for acquiring licenses in the country in 2007 and 2011.

Norwegian Government, that owns about 54% stakes in Telenor group, is likely to open a hearing on the case. A government committee had summoned Telenor Group’s Chairman and CEO last week to know the details.

It must be noted that as per Norwegian laws, all Norwegian laws are applicable on all Norway registered companies and on their holdings, subsidiaries and partners.

Telenor might consider to ultimately withdraw its stakes from VimpelCom if allegations are proved.

It must be noted that Telenor Pakistan is 100% owned operation of Telenor Group, while Mobilink is 100% owned subsidiary of VimpelCom.

Tech reporter with over 10 years of experience, founder of ProPakistani.PK

  • Why am I not surprised… Mobilink the Vimplecom subsidiary in Pakistan has been bribing anyone and everyone in the country. They are known for giving ipads and TVs to IT departments and taking the heads out to foreign trips and safaris in South Africa.

    They are now only dealing with companies that can be bribed also.

      • It is Mobilinks ISP now known as Broadband Carrrier Division formed by the acquisition of WOL and Dancom Online. And what’s the big deal, Pakistan only moves with “faciltiation”. Don’t fault them for trying to work in the system but blame the corrupt system itself. And also grow up and don’t be so naive. If Vimplecom can allegedly give bribe in Uzbekistan, Pakistan companies are light years ahead in this department.

        Read also what Bilal is saying Pharma companies. Haven’t you read what GSK has been doing in China?

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