Telia Receives SEK 12 Billion Proposed Settlement for Improper Payments in Uzbekistan
On Sept. 15, Telia announced that it had received a proposed settlement from U.S. and Dutch authorities regarding improper payments in Uzbekistan. The proposed settlement is for approximately SEK 12 billion ($1.4 billion). We agree with management that this seems very high. VimpelCom settled similar charges earlier this year for $795 million. We struggle to believe that Telia's payments were more egregious than VimpelCom's. We believe a lower settlement price is quite possible, and we are mainta...Telia Company provides telecommunication services in the Nordic and Baltic countries, the markets of Eurasia, including Russia, Turkey and Spain. Co. has three business segments: Mobility Services, which comprises operations in Sweden, Finland, Norway, Denmark, Lithuania, Latvia, Estonia and Spain; Broadband Services, which comprises operations in Sweden, Finland, Denmark, Lithuania, Latvia (49.0%), Estonia and international carrier operations; and Eurasia, which comprises mobile operations in Kazakhstan, Azerbaijan, Uzbekistan, Tajikistan, Georgia, Moldova and Nepal. The business area also includes Co.'s shareholdings in OAO MegaFon, Russia and Turkcell Iletisim Hizmetleri A.S., Turkey.
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