Posts Tagged: VimpelCom
In its annual report filed with the SEC last week, VimpelCom described the continuing fallout from its February mega-settlement with U.S. and Dutch authorities for bribery offenses in Uzbekistan.
Among other things, VimpelCom said it has a reserve of $105 million for legal and other costs.… Continue Reading
Last month Amsterdam-based VimpelCom Limited and its wholly owned Uzbek subsidiary, Unitel LLC, paid U.S. penalties of $397.6 million to resolve FCPA offenses.
In its enforcement action, the SEC said that at least $114 million in bribe payments were funneled through an entity affiliated with an Uzbek official, and approximately a half-million dollars in bribes were disguised as charitable donations made to charities directly affiliated with the Uzbek official. … Continue Reading
VimpelCom’s $397.6 million FCPA settlement last week included a disgorgement to the SEC that ranks third on our list of the biggest FCPA disgorgements of all time.
The company agreed to pay the SEC $167.5 million in disgorgement and pre-judgment interest.… Continue Reading
Thursday’s $397.6 million enforcement action against VimpelCom Ltd. and its Uzbek unit landed in the sixth spot on our list of the top ten FCPA cases of all time.
It was the first change in our top ten list since Alstom joined in the number two position in December 2014.… Continue Reading
Amsterdam-based VimpelCom Limited, the world’s sixth-largest telecommunications company, and its wholly owned Uzbek subsidiary, Unitel LLC, entered into resolutions with the DOJ, SEC, and Dutch authorities Thursday for paying more than $114 million in bribes to a government official in Uzbekistan between 2006 and 2012.… Continue Reading
Telecoms company VimpelCom said in an earnings release Wednesday that it has discussed terms of prospective settlements with the SEC, DOJ, and Dutch prosecutors and would would acknowledge “certain violations” of the Foreign Corrupt Practices Act and Dutch laws and pay fines and disgorgements to settle the offenses.… Continue Reading
We already talked about some of the biggest compliance and enforcement stories from the year just ended. Here are five more.
Four of these stories show how compliance failures can instantly damage even the world’s best-known brands, that size and power can’t always protect a company or individual, and that in today’s interlocked global economy, graft scandals can spread like a virus.… Continue Reading
Telecoms company VimpelCom said in a statement Tuesday it will take a provision of $900 million for an investigation by U.S. and Dutch authorities of its business in Uzbekistan and dealings with an offshore company linked to the daughter of the Uzbek president.… Continue Reading
The U.S. Justice Department took another big step in its investigation of bribes allegedly paid by Russian and Swedish companies to the eldest daughter of Uzbek President Islam Karimov in exchange for access to the country’s telecoms market.… Continue Reading
Prosecutors in Switzerland have opened a money-laundering investigation into Gulnara Karimova, the eldest daughter of the president of Uzbekistan, Islam Karimov.