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The quest for ethics means many sell Telia shares and stocks

Thursday, 27 September 2012
As it had become clear that that Telia has been making lots of money in its telecoms provision through either bribery activities or work hand in hand with dictators, stock shares and fund owners that are linked to Telia are now being dumped.

Nordea Funds, one of the rebels has sold almost all its shares in TeliaSonera due the tele operator contentious business in corrupt countries, reports business daily, Dagend Nyeheter.

Besides that, other major shareholders have had doubts about their holdings as prosecutors launched a criminal investigation against the company.

TeliaSonera is under great pressure after its activities in the former Soviet states were exposed by Swedish television recently, which we reported here on this network.

Last spring Swedish television revealed through its investigative news program that the company contributes to the monitoring of citizens of several countries, including Belarus and Azerbaijan.

Last week came new revelations that the company paid two billion swedish Krona to a company located in a tax heaven just to get access to telecoms licenses in Uzbekistan. The company was also tied to the existence of a criminal investigation of money laundering in Switzerland.

Nordea has reportedly dumped more than 51.5 million of TeliaSonera shares and was the seventh largest shareholder in the company, according to SIS Ägarservice, reports Dagens Nyheter. In August, there are only 13.7 million shares remaining in its various funds. The sharp sell-off due is reported to be due to TeliaSonera's actions in the countries with poor human rights record especially those currently in conflict and the eastern Europeans ones.

AMF Pension, which manages the state pension fund, is said to be awaiting the results of Telia's own investigation before deciding on what to do with their shares.

Earlier this year, Swedbank Robur sold all shares of its sustainability funds, which had a high bar on ethical bias.
By Scancomark.com Tem

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