For at least ten years, Germany’s financial regulator heard detailed complaints from reliable sources about a $2 billion accounting fraud at Wirecard AG but failed to act.… Continue Reading
Two former executives of Magyar Telekom who were headed for trial this month against the SEC agreed instead Monday to pay penalties and accept officer-and-director bars to settle FCPA violations.
Magyar Telekom’s former CEO Elek Straub will pay a $250,000 penalty.… Continue Reading
The Wall Street Journal’s Joel Schectman reported Monday that the SEC is dropping allegations that former executives of the Hungarian unit of Deutsche Telekom bribed officials in Montenegro.
Former Magyar Telekom CEO Elek Straub and two former senior executives, Andras Balogh and Tamas Morval, were accused of bribing Montenegrin officials in 2005 when Magyar gained a controlling interest in privatized Telekom Crne Gore A.D.… Continue Reading
A federal district court in New York City issued an order Friday denying a motion to dismiss a civil FCPA enforcement action against three executives of Magyar Telekom Plc.
In December 2011, the SEC sued Elek Straub, Andras Balogh, and Tamas Morvai for FCPA violations.… Continue Reading
Magyar Telekom Plc of Hungary and its majority owner Deutsche Telekom AG of Germany will pay a combined $63.9 million criminal penalty to the DOJ to resolve Foreign Corrupt Practices Act charges.… Continue Reading
[Editor’s note: This post was updated here.]
Thom Weidlich of Bloomberg has just reported from federal court in Manhattan that the SEC has filed a civil suit againt Deutsche Telekom AG and its Magyar Telekom unit for FCPA offenses.… Continue Reading