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  "documentTitle": "TeliaSonera AB (TLSN)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Muddy Waters",
  "documentKindSlug": "shareholder-letter",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2015-10-15 00:00:00",
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  "notes": "The slide documents potential corruption or irregular corporate governance regarding the privatization of Azercell.",
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      "text": "To effect this transaction, TeliaSonera's subsidiary Fintur would have to forgo its rights to participate in the capital increase on a pro rata basis, willingly diluting its Azertel holding from 79.8% to 51.3%, and allow Cenay Iletisim's shareholding to increase from 10.1 percent to 42.2 percent.",
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      "text": "A new local 'partner' Cenay Iletisim, was created by Cenay Insaat to appear to be an affiliate of the Cenay Group.",
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      "text": "ownership interest: 35.7%",
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      "text": "Self-dilution: To effect this transaction, TeliaSonera's subsidiary Fintur would have to forgo its rights to participate in the capital increase on a pro rata basis, willingly diluting its Azertel holding from 79.8% to 51.3%.",
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      "text": "103-107: Citations and source links regarding the transaction and corporate records.",
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      "text": "Shareholder | Before | After | Difference\nFintur | 51.3% | 51.3% | 0.0%\nCenay Iletisim | 6.5% | 42.2% | 35.7%\nCenay Insaat | 6.5% | 6.5% | 0.0%\nGovernment | 35.7% | 0.0% | -35.7%",
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