Telenor CEO Steps Down From VimpelCom Supervisory Board

(RTTNews) - Telenor Group (TELN, TELNY.PK, TELNF.PK) said that its President and Chief Executive officer, Jon Fredrik Baksaas, has informed VimpelCom Ltd. (VIP) 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, Telenor said.

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.

"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," said Jon Fredrik Baksaas, President and CEO of Telenor Group.

Separately, VimpelCom confirmed that Jon Fredrik Baksaas stepped down from the Company's Supervisory Board. Baksaas has appointed Kjell Morten Johnsen to act as his alternate on the Supervisory Board with authority to exercise his vote.