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  "documentTitle": "TeliaSonera AB (TLSN)",
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  "authorName": "Muddy Waters",
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  "presentationDate": "2015-10-15 00:00:00",
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  "notes": "This page is part of an activist investor letter, specifically focusing on governance and transparency failures.",
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      "kind": "callout",
      "text": "Although near silence might seem attractive now, it will likely destroy value over the long-term.",
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      "kind": "paragraph",
      "text": "businessperson on legal advice, rather than becoming a division of the legal department. You have hinted that you are following a willful non-disclosure strategy. Telia engaged Norton Rose Fulbright to investigate potential corruption outside of Uzbekistan.",
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      "text": "In TeliaSonera's case, Lord Browne's advice seems particularly on-point. Press and investors continue to ensure a good deal of the problems come to light. Swedish journalist Patricia Hedelius (@Phedelius) is releasing a book tomorrow, October 16th, called “TELIA – Alliance of Government and Corruption”.",
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      "text": "Another possible reason for your public circumspection is willful ignorance of Telia's conduct. You've told investors that the NRF investigation was effectively unable to conclude anything meaningful. Telia disclosed that it spent approximately SEK 60 million on the investigation. In contrast, a mostly single country (China) fraud we exposed, Sino-Forest Corporation, spent in excess of SEK 406 million (US$50 million) on its subsequent internal investigation. Wal-Mart expects to spend in excess of SEK 5.3 billion (US$650 million) on FCPA-related investigations and compliance efforts.",
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      "text": "It cannot even be ruled out that certain conduct has been in violation of the law — Marie Ehrling (at April 2, 2014 AGM).",
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      "text": "References 8 through 15 detailing sources for the claims made in the text.",
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