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  "documentTitle": "TeliaSonera AB (TLSN)",
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  "authorName": "Muddy Waters",
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  "notes": "The text uses specific case studies (Skytel, MCT) to illustrate the 'villain' (Karimova) and the systemic risk of operating in Uzbekistan.",
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      "text": "It would be ironic if Telia suffered a similar fate.",
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      "text": "Now that Telia is at least partly coming into compliance, the threat of host governments expropriating or interfering with the businesses is real. Prior to Telia's entrance into Uzbekistan, other telecom companies were already experiencing trouble with government obstruction, harassment, with the intent to extort payments or interests in the corporations.",
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      "text": "Subsequently, MCT, another US telecom operating in Uzbekistan began having problems with the authorities in 2006. In 2007, the US ambassador concluded that MCT 'continues to survive only at the pleasure of the Uzbek government.'",
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      "text": "expropriating or significantly degrading the businesses. TeliaSonera likely made its chances of receiving only fire sale valuations greater by announcing its intention to dispose of the businesses at such an early stage.",
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      "text": "In late 2004, Skytel, a joint venture between NCI International, a US company, and state-owned Uzbektelecom, was reportedly directly approached by Karimova (the president's daughter) with a demand for a 50 percent stake in the company.",
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      "text": "MCT \"continues to survive only at the pleasure of the Uzbek government. It is likely that authorities are preserving the firm until its assets may be sold to a pre-selected bidder.\" — US Ambassador",
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      "text": "Cables no. 284 and 572, Purnell to State Dept., January 28, 2005 and 24 February 2005 respectively...",
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