TeliaSonera CFO resigns following Eurasia review

TeliaSonera CFO Per-Arne Blomquist has resigned and four other senior employees have left the company following a review of its business in Eurasia.

The international law firm Norton Rose Fulbright was employed in April to conduct a thorough review of the transactions and agreements made over the past few years by TeliaSonera and its partners in Eurasia.

While the review is still ongoing, TeliaSonera issued a statement on its website today that said “some transactions have not been in line with sound business practices”.

The senior employees will leave their position effective immediately, and the board is said to have handed over material from the Norton Rose Fulbright review to the prosecutor’s office.

“Together with the board I have come to the conclusion that the way some transactions in the past were managed does not live up to the high standards of business ethics and transparency that TeliaSonera wants to stand for,” said John Dennelind, president and CEO, TeliaSonera.

The company also announced that its head of CEO office, Christian Luiga, will assume the position as acting CFO following Blomquist’s departure. Between February and June, Blomquist acted as interim CEO and president of the company, following the equally controversial departure of Lars Nyberg.

The former president and CEO was forced to step down after the company received the results of a review it commissioned into its Uzbek operations by Swedish law firm Mannheimer Swartling. The review investigated allegations of corruption relating to an acquisition the company made to enter the Uzbek market in 2007.

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