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  "documentTitle": "TeliaSonera AB (TLSN)",
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  "authorName": "Muddy Waters",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2015-10-15 00:00:00",
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  "notes": "The slide serves as a case study of corporate governance failure and potential corruption involving the Aliyev family and TeliaSonera.",
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      "text": "Not only the extortion-like tactics employed preceding the privatization, but also the highly unusual deal structure should have been significant red flags for TeliaSonera's board at the time.",
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      "text": "According to Fintur's own discounted cash flow model, as of April 2008 the government's 35.7 percent stake in Azercell sold to Azertel was worth USD $2.2 billion, thereby valuing the state's interest, as derived from Fintur's own figures at $782.6m, not the $180m paid by Azertel.",
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      "text": "According to research by Ismayilova and detailed in the OCCRP report, TeliaSonera's CEO Durukan was informed by the Azerbaijan Minister of Economic Development of a plan to privatize the states shares in Azercell in 2004...",
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      "text": "This tactic appears to have been effective, as the final deal-structure includes these as well as other atypical terms. Not only the extortion-like tactics employed preceding the privatization, but also the highly unusual deal structure...",
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      "text": "93-96: References to OCCRP report and Fintur financial statements.",
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      "text": "Privatization Aliyev Style: Headlocks, Deadlocks, Vouchers, and Dividends",
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