VimpelCom’s announced provisions increases Telenor’s concerns
DHAKA, Nov. 3 (NsNewsWire) — 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.