Telia singled out in new bribery scandal for 6 billion – Aftonbladet

This is what the examination of TT / SVT’s Mission Review and OCCRP shows:

2005, Telia Sonera’s holding company Fintur 79, 8 percent of another holding, Azertel. Partners in Azertel are Turkish Cenay Insaat by 20.2 percent. Azertel in turn owns 64.3 percent of the telecom operator Azercell in Azerbaijan. Azeri government owns the rest, 35.7 percent, in Azercell, but already in 2004 announced that it wants to sell.

2005 transmits Cenay Insaat half of its ownership to the newly Cenay Iletisim sold to two companies in Panama. These are represented by the Swiss lawyer Olivier Most Elan. He in turn drives companies with the Azerbaijani presidential daughters Leyla and Arzu Aliyeva. According to leaked US diplomatic contained Most Elan also in the regime’s inner circle.

After four years of negotiations sell Azeri state its share in 2008 to Azertel. Although independent valuations concludes that the share is worth $ 785 million selling the state $ 180 million, a discount equivalent to nearly 5 billion Swedish crowns.

On paper pay Cenay Iletisim of the purchase price through a rights issue, but the financing is apparently in the form of a loan from the TeliaSonera-controlled companies. The debt is paid off with the profit that the common business generates so Cenay Iletisim do not put a penny.

Fintur refrain conscious of preemption to the shares and erode its ownership in Azertel so that the entire state share goes to Cenay Iletisim. After the privatization, Fintur owns 51.3 percent, Cenay Iletisim 42.2 percent and Cenay Insaat 6.5 percent in Azertel and Azercell.

2011 takes the Malta-registered FA Invest over Cenay Insaat. It is represented by a person with the same name as one of President Ilham Aliyev’s bodyguards. Companies with ties to the presidential family owns its 48.7 percent of Azercell.

Cenay Iletisim, with ties to the presidential daughters, has received dividends of approximately SEK 2 billion and has a put option indefinitely. It gives the company the right to be bought out by TeliaSonera, and then at the market. In TeliaSonera’s Annual Report for 2014 valued the option to SEK 6.8 billion.

If you stick to the percentage privatized (35.7 percent) and counting on dividends and option value on the basis of the share and deducts the $ 180 million plus interest Cenay Iletisim borrow for the purchase, the value amounts of the suspected bribe totaling to over 6 billion only in connection with the privatization. FA Invest has also received dividends of about SEK 145 million since it came into play in 2011.

Source: Annual Reports from Fintur (Netherlands) 2004- 13, TeliaSonera (Sweden) 2004-14, Q1 2015 Annual Documents Azertel, Cenay Ilitisim, Cenay Insaat, Cenay Group and Turkcell (all Turkey), Colville Group and Dilsan Invest (both Panama), FA Invest (Malta). Internal documentation from TeliaSonera (via the sources), such as board meetings, reports and e-mail. Oral sources.