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Greater chances that Telia Sonera could loose profits made in Uzbekistan if found guilty of corruption

Thursday, 28 March 2013
TeliaSonera may miss out on all the profits the company has made in Uzbekistan, according prosecutor, Gunnar Stetler, who is investigating the company's suspected corrupt practises in the country said.

TeliaSonera, said today that the investigation in relations to its business in the Central Asian dictatorship, Uzbekistan, could lead to major consequences including loss of profits.

According to a press release from TeliaSonera, the Public Prosecutor Gunnar Stetler has informed the company that "due to the current preliminary investigation into suspicion of aggravated bribery, an investigation will be initiated with regard to possible corporate fines and possible forfeiture.”

In plain language this means that TeliaSonera can loose billions they earned in Uzbekistan and that these will fall on the state, which owns majority of shares in the company.

This measure is a natural step in the public prosecutor’s investigation into the investments in question. As previously notes, TeliaSonera continues to dispute the allegations and is convinced that the continued legal procedures will confirm that the corruption allegations are unfounded.

Prosecutor, Gunner Stetler cannot be reached for comments but his colleague Berndt Berger was said to be secretive, according to media reports. He said that he would not go into why the information to TeliaSonera was made now and not earlier or later.

Referring to the law, he told the Swedish news network, TT that "If, as a result of a crime that was committed in the exercise of economic activity generated economic benefits for the trader, the value thereof be declared forfeited."
In other words, companies may not make money from crime. Such earnings will then accrue to the state.

Now that the company is owned by the state, it remains to be seen how if any, payments are to be made, where that payment will go to and who will make such payments.
By Scancomark.com Team

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