Telenor CEO withdraws from VimpelCom Supervisory Board
(Thomson Reuters ONE) -
(Fornebu 8 December 2014) The President and CEO of Telenor Group, Jon Fredrik
Baksaas, has today informed VimpelCom Ltd. that he steps down from the
Supervisory Board of the company with immediate effect. This decision was taken
in alignment with the Board of Directors of Telenor Group.
VimpelCom Ltd., in which Telenor holds a minority position of 33% and voting
rights of 43%, finds itself under investigations related to its entry to the
Uzbekistan market. Corruption allegations and speculations are serious and
Telenor as a minority owner will continue to take necessary actions to protect
its interests. By stepping down from the Supervisory Board of Vimpelcom, Jon
Fredrik Baksaas will eliminate any potential conflict of interest under the
circumstances. Within the rules of the VimpelCom bye-laws he seconds his vote to
Mr. Kjell Morten Johnsen.
Jon Fredrik Baksaas entered the Supervisory Board of VimpelCom Ltd. in 2010 when
the company was established, in order for Telenor Group to follow the company
closely, given the financial position and the many challenges that Telenor faced
over ownership at that time.
"I am stepping down from the VimpelCom board to solely focus on protecting
Telenor's position. Telenor has zero tolerance for corruption. As an owner in
VimpelCom we will assist the ongoing investigations," said Jon Fredrik Baksaas,
President and CEO of Telenor Group.
"The Board of Telenor is taking a serious and thorough approach to the ongoing
investigations in VimpelCom Ltd. The Board of Telenor has appointed a special
committee of Board Members to closely follow the development of the company. By
exiting the Supervisory Board of VimpelCom Ltd., the future potential conflicts
of interest to the CEO of Telenor Group have been eliminated" said Svein Aaser,
Chairman of the Board of Telenor.
Contact:
Glenn Mandelid
mobile: +47 92 66 13 00
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Telenor via GlobeNewswire
[HUG#1878253]
Unternehmensinformation / Kurzprofil:
Datum: 08.12.2014 - 17:00 Uhr
Sprache: Deutsch
News-ID 357916
Anzahl Zeichen: 2626
contact information:
Town:
OSLO
Kategorie:
Business News
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"Telenor CEO withdraws from VimpelCom Supervisory Board"
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