New Telia CEO ‘excited’ about the job

TeliaSonera's new head Johan Dennelind believes he is the right man to restore the Swedish telecom giant's reputation after the company's Uzbek bribery scandal.

New Telia CEO 'excited' about the job

In an interview with news agency TT, Dennelind said he felt “excited” about the appointment, but he did not want to reveal his plans for TeliaSonera’s future.

Asked in what ways he can help improve the company’s reputation, Dennelind replied:

“I have worked in the industry for 20 years, in mature markets and in some developing countries. I have worked in tough conditions. I believe I recognize some of the problems Telia seems to be facing so I hope to contribute with some experience.”

Dennelind sees the company’s presence in growth economies as well as mature markets as a good combination, he said, adding that the telecoms industry is crucial in developing countries as it helps economies grow and allows people to communicate within and across borders.

“Our industry is really in a sweet spot,” he said.

As for the Uzbek scandal, Dennelind did not want say whether he plans to take any particular measures or whether the managers suspected of bribery will keep their jobs.

“I haven’t had time to familiarize myself with this. I got the job yesterday,” he said.

He promised he himself has no “skeletons in the closet” and said that he has no trouble drawing the line between his work and private life. He is also good at delegating work among colleagues, he said.

Telia chairwoman Marie Ehrling told TT that Dennelind will help clean up the company’s reputation, praising his leadership skills and his experiences of working in tough environments such as Africa, where he was based for three years.

“There are similar issues there as in Eurasia when it comes to human rights, for instance,” said Ehrling.

Dennelind will officially take up the post as TeliaSonera CEO in September.

TT/The Local/nr

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Deutsche Bank to pay $130m to settle US bribery probes

Deutsche Bank will pay $130 million to settle a foreign bribery probe and fraud charges in precious metals trading, US officials announced on Friday.

Deutsche Bank to pay $130m to settle US bribery probes
A woman walks past the offices of Deutsche Bank in London. Photo: Tolga Akmen / AFP
The bribery case relates to illegal payments and to false reporting of those sums on the bank's books and records between 2009 and 2016, the Department of Justice said in a press release.
The bank “knowingly and wilfully” kept false records after employees conspired with a Saudi consultant to facilitate bribe payments of over $1 million to a decision maker, the DOJ said.
In another case, the bank paid more than $3 million “without invoices” to an Abu Dhabi consultant “who lacked qualifications… other than his family relationship with the client decision maker,” the DOJ said.
In addition to criminal fines and payments of ill-gotten gains, Deutsche Bank agreed to cooperate with government investigators under a three-year deferred prosecution agreement.
In the commodities fraud case, Deutsche Bank metals traders in New York, Singapore and London between 2008 and 2013 placed fake trade orders to profit by deceiving other market participants, the DOJ said.
The agreement took into account Deutsche Bank's cooperation with the probes, DOJ said.
“Deutsche Bank engaged in a criminal scheme to conceal payments to so-called consultants worldwide who served as conduits for bribes to foreign officials and others so that they could unfairly obtain and retain lucrative business projects,” said Acting US Attorney Seth D. DuCharme of the Eastern District of New York.
“This office will continue to hold responsible financial institutions that operate in the United States and engage in practices to facilitate criminal activity in order to increase their bottom line.”
“We take responsibility for these past actions, which took place between 2008 and 2017,” said Deutsche Bank spokesperson Dan Hunter, adding that the company has taken “significant remedial actions” including hiring staff and upgrading technology to address the shortcomings.