Telenor Group CEO Jon Fredrik Baksaas has stepped down from the Supervisory Board of VimpelCom which is facing bribery charges related to its entry to the Uzbekistan market.
Telenor holds 33 percent stake and voting rights of 43 percent in VimpelCom.
In a statement issued on Monday Telenor said corruption allegations and speculations are serious and Telenor as a minority owner will continue to take necessary actions to protect its interests.
Jon Fredrik Baksaas entered the Supervisory Board of VimpelCom 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.
“Telenor is taking a serious and thorough approach to the ongoing investigations in VimpelCom. We have appointed a special committee of Board Members to follow the development of the company. By exiting the Supervisory Board of VimpelCom, the future potential conflicts of interest to the CEO of Telenor Group have been eliminated,” said Svein Aaser, chairman of Telenor.
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