Two Telenor managers temporarily relieved of their responsibilities

As a result of Telenor Group’s previously announced external review by Deloitte of the Group’s handling and oversight of its minority ownership in VimpelCom Ltd., Telenor has today temporarily relieved the former Telenor nominees to the VimpelCom Executive Committee, Mr. Fridtjof Rusten and Mr. Ole Bjørn Sjulstad of their responsibilities.

Published: 11 November 2015

VimpelCom, in which Telenor Group is a minority shareholder, is under investigation by Dutch and American authorities in relation to its operations in Uzbekistan. Telenor is a witness in the ongoing investigation and has shared all information requested by the investigating authorities.

“We have no reason to believe that these two managers have been involved in the alleged corruption in VimpelCom. They are trusted managers with a solid track record in Telenor. Questions have however been raised about how Telenor handled concerns related to VimpelCom’s investment in Uzbekistan. In order to address this, the Board has, among a series of measures, assigned Deloitte to perform an independent review of the handling of Telenor’s minority ownership in VimpelCom. To avoid questions being raised about the review we have come to a mutual understanding that Fridtjof and Ole Bjørn be temporarily relieved of their responsibilities until the facts have been established,” says Sigve Brekke, President and CEO of Telenor Group.

Mr. Rusten and Mr. Sjulstad express that they have contributed to handling concerns related to VimpelCom’s investment in Uzbekistan in a correct manner.

The two will maintain their salary and other benefits during the period of leave of absence.

The investigation of VimpelCom is ongoing and Telenor therefore cannot comment on details related to the case.