VimpelCom settles Uzbek case with US, Netherlands

News Wireless United States 19 FEB 2016
VimpelCom settles Uzbek case with US, Netherlands

Russian mobile operator VimpelCom has announced settlements with the US Securities and Exchange Commission (SEC), the US Department of Justice (DOJ), and the Dutch Public Prosecution Service (Openbaar Ministerie, or OM) around allegations it paid bribes in Uzbekistan to win business.

As part of the settlements, VimpelCom will pay fines and disgorgements to the SEC, DOJ and OM worth a total of USD 795 million. The operator has agreed to a deferred prosecution agreement with the DOJ, a consent agreement with the SEC, and a settlement agreement with OM. In addition, VimpelCom’s subsidiary in Uzbekistan, Unitel, has entered a guilty plea with the DOJ. VimpelCom has also agreed to oversight by an independent compliance monitor to promote continued, and regular, compliance enhancements across the company and its subsidiaries.

VimpelCom CEO Jean-Yves Charlier said the company has taken and will continue to take strong measures to embed a culture of integrity across the group. Vimpelcom has significantly strengthened our internal controls and compliance programme and, since the start of the investigation, appointed a new CEO, CFO, group general counsel, chief performance officer and group chief compliance officer to drive the necessary change forward.

Categories:

Mobile

Companies:

Unitel,  Vimpelcom

Countries:

Netherlands,  United States,  Uzbekistan

Tags:

Regulations, Legislation - Lawsuits

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