03.11.2015 07:31:41
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VimpelCom's announced provisions increases Telenor's concerns
(Fornebu 3 November 2015) Telenor Group notes that VimpelCom Ltd. in a press release on 3 November 2015 has announced that they will make a provision of USD 900 million in their third quarter financial statements for a resolution of the investigations into VimpelCom's business in Uzbekistan and prior dealings with Takilant.
On 14 March 2014 VimpelCom announced that the company was under investigation by US and Dutch authorities for its operations in Uzbekistan. Telenor Group has status as witness in these investigations, and has cooperated with the investigating authorities. As a witness, Telenor has shared all requested information, and interviews have been conducted with relevant persons in Telenor.
Telenor Group sees VimpelComs announcement today as a serious development that significantly increases our concerns in relation to the potential outcome of the still ongoing investigations.
Telenor Group has a financial participation with an economic stake of 33 per cent in VimpelCom. In its financial reporting, Telenor includes VimpelCom as an associated company.
Contact:
Severin Roald
SVP and Head of Group Communications
Telenor Group
Mobile: +47 920 30 033
severin.roald@telenor.com
Glenn Mandelid
Vice President Communications
Mobile: +47 926 61 300
glenn.mandelid@telenor.com
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Telenor via Globenewswire
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