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The US has entered into investigation of TeliaSonera. Panic has griped the company

Thursday, 14 March 2013
It had looked like the business of Teliasonra in Uzbekistan in which it was reported that bribery and corruption led the business practices there has attracted the attention of the USA. This is worrying and has started creating panic in the core of the company

The Swedish investigation of the Teliasonra business saga in Uzbekistan has been going on since last fall. Now there is the risk that the legal aftermath can spread to the United States, the Swedish business daily, Dagens Industri.

The paper writes that the U.S. corruption investigation is among the world's strictest and may be considered that there is a remote chance that the United States may initiate an investigation into the issue.

Gunnar Stetler, chief prosecutor at the National Anti-Corruption Unit leads the Swedish investigation. Neither he nor the American financial services authority will say if any form of investigation could be on the way or might have started.

According to experts the paper has spoken to, a U.S. investigation may be appropriate. The grounds for that are that the transactions between the two companies was made in U.S. dollars and probably passed through U.S. banks. Then the operator Vimpelcom, which is listed in New York stock exchange has been affected.

However, there are some deterrents to the investigation for example, it is reported that the fact that the United States has an important military bases in Uzbekistan and therefore may not want to offend the country with investigations that might annoy them, could limit its interest in relations to an investigation.

The U.S. regulatory framework has previously hit hard on Volvo AB and its businesses in Iraq. In March 2008, the Swedish truck manufacturer was fined Skr125 million and forced to pay back profits from the business.

British banks, HSBC and Standard Chartered have also been fined heavily in the USA for doing unethical businesses with the American dollar. The US regulator had labelled Standard Chartered a "rogue institution" and accused Standard Chartered of falsifying payment directions by stripping the message of unwanted data that showed the clients were Iranian.
By Scancomark.com Team

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