Telia and its Uzbek subsidiary, Coscom LLC, “have admitted to paying, over many years, more than $331 million in bribes to an Uzbek government official.”
As part of the multinational case, US authorities charged the companies with violations of the Foreign Corrupt Practices Act, in what Kim called “one of the largest criminal corporate bribery and corruption resolutions ever.”
In addition to the fines, the company “also agreed to implement rigorous internal controls and cooperate fully with the Department’s ongoing investigation, including its investigation of individuals,” the statement said.
The probes were opened in March 2014 into alleged payments made to an Uzbek firm to obtain a mobile operating license as well as a 26 percent stake in the local operator Ucell.
Telia and Coscom admitted paying approximately $331 million in bribes to a Uzbek official, who was a close relative of a high-ranking government official and had influence over the body that regulated the telecom industry.
It was the second resolution by a major international telecommunications provider to settle charges of bribery in Uzbekistan.
In February 2016, Amsterdam-based VimpelCom Limited and its Uzbek subsidiary, Unitel LLC, also admitted to a conspiracy to make more than $114 million in bribery payments to the same Uzbek government official between 2006 and 2012. That investigation has thus far yielded a combined total of over $1.76 billion in global fines.
AFP SHARE YOUR STORY WITH US VIA EMAIL: INFO@247NIGERIANEWSUPDATE.CO RECEIVE NEWS VIA OUR WHATSAPP, KINDLY TEXT +234 701 056 0394 TO ADD YOU CLICK HERE TO JOIN US ON OUR YOUTUBE CHANNEL FOR NEWS UPDATE CLICK HERE TO JOIN US ON TWITTER FOR INSTANT NEWS UPDATE: @247NGNEWSUPDATE CLICK HERE TO JOIN MILLIONS AROUND THE GLOBE TO READ NEWS ON OUR FACEBOOK FAN PAGE FOR INSTANT UPDATES ON INSTAGRAM CLICK HERE RECEIVE INSTANT NEWS UPDATE VIA OUR BBM BROADCAST: D3EDEFDF PLACE YOUR TEXT ADVERT BELOW:>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>