The former CEO of Telia and two execs from its Eurasia division have been indicted over the fraud scandal that has cost it $965 million.
The Swedish Prosecution Authority has now announced that Lars Nyberg (pictured), Tero Kivisaari and Olli Tuohimaa are set to face criminal charges, although it would not confirm what the charges are.
Nyberg led TeliaSonera, as it was then known, from 2007 to 2013, while Kivisaari and Tuohimaa were President and General Counsel respectively of Telia’s Eurasia unit.
The former CEO left under a cloud after allegations about malpractice emerged, saying that while he was “convinced” that TeliaSonera had not committed bribery he could not continue without the support of the board.
The main shareholders of C-RAD, where Nyberg now works as Chairman, have stated their “definite support for and trust” in Nyberg.
Kivisaari, who also left in 2013, now works at LetterOne Technology, while Tuohimaa left in 2014 and is now Principal at management consultancy firm OTT Advisory FZE.
The criminal charges follow Telia agreeing to pay $965 million last week to settle the case with US and Dutch authorities.
The figure comprises a $548 million fine, split equally between the DOJ and OM, plus a $417 million penalty for the gain of unlawful profits, known as a disgorgement, to the SEC.
Telia’s current CEO Johan Dennelind said the settlement brought to an end “an unfortunate chapter” in the company’s history.