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  "documentTitle": "TeliaSonera AB (TLSN)",
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  "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 text highlights a discrepancy between accounting standards (IFRS 3/IAS 39) and the company's reported financial treatment of a put option.",
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      "text": "TeliaSonera’s incorrect accounting policy has prevented it from recognizing US$270 million in expenses since 2009.",
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      "text": "TeliaSonera seems unlikely to receive more than SEK 20 billion (US$2.5 billion) EBITDA for its Eurasia and Nepal businesses.",
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      "text": "This ignorance is particularly egregious because Fintur, which was also audited by Telia’s then-current auditor, PwC, adheres to the standard. TeliaSonera chose to completely ignore Fintur’s expensing policy - except for 2008.",
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      "text": "million liability. This put option is a contingent obligation to make a massive, very possibly corrupt, payment. When TeliaSonera originally granted the put in 2008, it valued it at US$740 million and recorded it as a liability.",
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      "text": "However, TeliaSonera declared a self-serving and specious accounting change the next year. Disappointingly, the “new” TeliaSonera continues this misleading policy, which in 2013, kept US$144 million out of expenses.",
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      "text": "Any future changes in the estimated redemption amount will be recognized in the income statement... — TeliaSonera 2008 AR, p. 87.",
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      "text": "22 TeliaSonera 2008 AR, p. 87.",
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      "text": "Cash Flow Issues",
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