Telenor CEO Resigns from VimpelCom Board

Telenor CEO Resigns from VimpelCom Board

The President and CEO of Telenor Group, Jon Fredrik Baksaas, has today informed VimpelCom Ltd. that he steps down from the Supervisory Board of the company with immediate effect. This decision was taken in alignment with the Board of Directors of Telenor Group.

VimpelCom Ltd., in which Telenor holds a minority position of 33% and voting rights of 43%, finds itself under investigations related to its entry to the Uzbekistan market. Corruption allegations and speculations are serious and Telenor as a minority owner will continue to take necessary actions to protect its interests. By stepping down from the Supervisory Board of Vimpelcom, Jon Fredrik Baksaas will eliminate any potential conflict of interest under the circumstances. Within the rules of the VimpelCom bye-laws he seconds his vote to Mr. Kjell Morten Johnsen.

Jon Fredrik Baksaas entered the Supervisory Board of VimpelCom Ltd. in 2010 when the company was established, in order for Telenor Group to follow the company closely, given the financial position and the many challenges that Telenor faced over ownership at that time.

Jon Fredrik Baksaas, President and CEO of Telenor Group
[pull_quote_center]I am stepping down from the VimpelCom board to solely focus on protecting Telenor’s position. Telenor has zero tolerance for corruption. As an owner in VimpelCom we will assist the ongoing investigations[/pull_quote_center]

Svein Aaser, Chairman of the Board of Telenor said
[pull_quote_center]The Board of Telenor is taking a serious and thorough approach to the ongoing investigations in VimpelCom Ltd. The Board of Telenor has appointed a special committee of Board Members to closely follow the development of the company. By exiting the Supervisory Board of VimpelCom Ltd., the future potential conflicts of interest to the CEO of Telenor Group have been eliminated[/pull_quote_center]