{
  "docId": "019dd923-622c-750b-8b96-5a94b5d7e084",
  "docSlug": "fcfc0434b622",
  "documentTitle": "TeliaSonera AB (TLSN)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Muddy Waters",
  "documentKindSlug": "shareholder-letter",
  "documentKindLabel": "Shareholder letter",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2015-10-15 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 12,
  "pageCount": 37,
  "prevPage": 11,
  "nextPage": 13,
  "slideType": "villain_critique",
  "function": "name_villain",
  "density": "dense",
  "nDataPoints": 1,
  "notes": "This is a highly critical shareholder letter excerpt targeting management's competence and ethical judgment.",
  "elementsJson": [
    "paragraph",
    "bullet_list",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b96-5a94b5d7e084/12",
  "deckHref": "/decks/019dd923-622c-750b-8b96-5a94b5d7e084",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b96-5a94b5d7e084.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b96-5a94b5d7e084#slide-12",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "You seem repeatedly surprised by adverse events, and are exhibiting knee jerk reactions.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-78b7-702e-9636-493dd3afc029",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.72,
        "x": 0.14,
        "y": 0.16
      },
      "kind": "list",
      "text": "When TeliaSonera sold back Nepal Satellite to Zhodar Investment (at a loss of SEK 389 million) in September 2013, it might have seemed to be an auspicious start to Mr. Dennelind’s tenure as CEO, and a sign that the new board and management are capable of dealing with corruption issues. However, we wonder whether TeliaSonera’s subsequent inability to repatriate cash from Nepal is a consequence of this transaction. Ironically, Norton Rose Fulbright advised TeliaSonera on this sale. Did any of the people involved on the TeliaSonera side perhaps suffer from hubris?",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4644c5ce-89d6-4f98-809a-5ad80ebcbafc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.13,
        "w": 0.72,
        "x": 0.14,
        "y": 0.31
      },
      "kind": "list",
      "text": "You seem repeatedly surprised by adverse events, and are exhibiting knee jerk reactions. The timing of Telia’s announcement it is reversing course and exiting Eurasia and Nepal gives the appearance that you were prodded to act by the upcoming book. Our impression from the conference call is that at the time of the announcement, the company still did not understand fully the accounting implications of the disposals.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c5b8aadb-5bf6-4d3d-8579-e2a783361e38",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.72,
        "x": 0.14,
        "y": 0.44
      },
      "kind": "list",
      "text": "You seem unable to decide on whether your priority is to be compliant and think long-term, or maximize short-term financial performance.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f5804c51-5aae-4bfa-aece-f43ac0d0ba60",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.72,
        "x": 0.14,
        "y": 0.09
      },
      "kind": "paragraph",
      "text": "Dennelind’s statements portray a calm demeanor, we interpret certain actions as meaning the board and management are indecisive and struggling to steer the company through its problems.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d1ac4909-bf58-4f6d-bbac-55c4d8091303",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.72,
        "x": 0.14,
        "y": 0.88
      },
      "kind": "source-note",
      "text": "http://www.teliasonera.com/en/newsroom/press-releases/2013/9/teliasonera-exits-nepal-satellite-focuses-on-ncell-in-nepal/",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bd1ff7ff-9008-4390-a45f-0989576a3aff",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 15,
      "from": 6,
      "beatId": "05bfdc75-f2d7-4a3d-81e2-269931f170d5",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Struggle",
      "beatSlug": "overcoming-monster-the-struggle",
      "evidence": "Detailed analysis of TeliaSonera AB's financial reporting issues",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [
    {
      "to": 12,
      "from": 7,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "83422055-6f5b-4ee5-917a-2c2004576b25",
      "evidence": "The document mentions potential write-downs of up to SEK 20 billion",
      "position": 1,
      "objective": "Highlight the cost of inaction on addressing corruption and legal exposure",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.6,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}