Telia balks at USD 1.4 bln settlement in Uzbekistan probe

Nieuws Mobiel Oezbekistan 15 SEP 2016
Telia balks at USD 1.4 bln settlement in Uzbekistan probe
Telia has received proposed settlement from US and Dutch authorities over investigations into its activities in Uzbekistan that would cost the company around USD 1.4 billion (SEK 12 billion). The company has been under investigation since the spring of 2014 over suspected bribery in obtaining its licence in Uzbekistan. 

Telia said it received new information from the authorities with proposals on a settlement. The information received was general and did not go into much detail, but suggests a total settlement amount of approximately USD 1.4 billion for all investigations. 

Telia chairman Marie Ehrling said in a statement that the company was prepared to take full responsibility for the "unethical and wrongful way" in which it entered the Uzbekistan market. However, "our initial reaction to the proposal is that the amount is very high", she said. The company will consider the information from the Dutch and US prosecutors before decide how to proceed in negotiations. 

In February Vimpelcom settled with US and Dutch authorities in a similar case over its licence in Uzbekistan. The company agreed to pay USD 795 million in fines and disgorgements and compliance controls by an independent monitor. 

Categories:

Mobiel

Countries:

Oezbekistan

Tags:

Finance, Legislation - Lawsuits

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