{
  "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": 15,
  "pageCount": 37,
  "prevPage": 14,
  "nextPage": 16,
  "slideType": "appendix_disclosure",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 5,
  "notes": "The slide contains a mix of English narrative, a Swedish quote with its English translation, and extensive footnotes detailing financial transactions and sources.",
  "elementsJson": [
    "paragraph",
    "bullet_list",
    "footnote"
  ],
  "metadataConfidence": 0.9,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b96-5a94b5d7e084/15",
  "deckHref": "/decks/019dd923-622c-750b-8b96-5a94b5d7e084",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b96-5a94b5d7e084.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b96-5a94b5d7e084#slide-15",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "TeliaSonera’s dealings in Kazakhstan, Nepal and Cambodia are bereft with potentially problematic transactions, raising red flags.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-78b7-702e-9636-df6650dae309",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.67,
        "x": 0.18,
        "y": 0.33
      },
      "kind": "list",
      "text": "Over SEK 219 million ($27 million) in 2007 and 2008 for two Kazakh private companies holding WiMax frequencies with unknown beneficial owners. Both companies were categorized as dormant.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "76338614-b2e2-4f7f-bc29-ab7649ea9411",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.7,
        "x": 0.15,
        "y": 0.45
      },
      "kind": "paragraph",
      "text": "Translation: “When the price was set at U.S. $220 million this meant, however, a higher price than would be applied under the pricing model in the shareholders’ agreement... Takilant was not forced to sell the shares while TeliaSonera... desired increase its interest... Takilant was also provide certain services, including to assist in currency exchange—something that had proven to be a practical problem”.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "71f07e65-21df-49e1-abf0-14d026ea0a9a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.7,
        "x": 0.15,
        "y": 0.26
      },
      "kind": "paragraph",
      "text": "TeliaSonera’s dealings in Kazakhstan, Nepal and Cambodia are bereft with potentially problematic transactions, raising red flags. The total value of these transactions may exceed SEK 8.11 billion ($1 billion). The transactions in question are:",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e33c2b39-49d3-44ef-99d6-c431c446089e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "When the price was set at U.S. $220 million this meant, however, a higher price than would be applied under the pricing model in the shareholders’ agreement. The pricing model was reportedly perceived more as a reference point when the transaction was negotiated ... The future value of Coscom was deemed to be very positive. The higher price compared to an application of the pricing model in the shareholders’ agreement was motivated by the fact that Takilant was not forced to sell the shares while TeliaSonera, given a comprehensive strategy to increase their holdings in partner companies where possible, desired increase its interest ... Furthermore, the higher price was motivated by the importance of having a continued good relationship with the local partner. According to the repurchase agreement, Takilant was also provide certain services, including to assist in currency exchange—something that had proven to be a practical problem. — TeliaSonera internal document translation",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-78b7-702e-9636-e20db013480f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.7,
        "x": 0.15,
        "y": 0.65
      },
      "kind": "source-note",
      "text": "Footnotes 47-50 detailing sources, exchange rates, and specific transaction data.",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "52a68e15-9774-4901-952f-861fc47ecf62",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.7,
        "x": 0.15,
        "y": 0.22
      },
      "kind": "title",
      "text": "Numerous Red Flags: TeliaSonera’s Dealings in Kazakhstan, Nepal, and Cambodia",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "83798b69-2919-473e-b6de-0becdf6f3104",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "fcd47170-f21c-4fdd-a8cb-baa75fc37ea8",
      "evidence": "The slide explicitly lists 'Red Flags' and 'problematic transactions' to expose potential corporate malfeasance.",
      "confidence": 0.9
    }
  ],
  "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": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}