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ExtraTorrent.cc > Articles > Telecom Giant Paid $835m over Uzbekistan Bribes

Telecom Giant Paid $835m over Uzbekistan Bribes

Telecom Giant Paid $835m over Uzbekistan Bribes

Added: Saturday, February 20th, 2016
Category: Bit Torrent Freedom > The Right To Share
Tags:ET, p2p, Torrent, Piracy, Peer To Peer, Network, Hackers, Internet, BitTorrent, Google, utorrent, bitcomet, extratorrent, www.extratorrent.cc, 2016
The Amsterdam-based telecoms company with a Russian name VimpelCom has reached settlement with the US and the Netherlands and will pay $835m to make them drop their charges over paying massive bribes to enter the Uzbekistan telecommunications market.

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VimpelCom is a mobile phone operator controlled by a Russian billionaire Mikhail Fridman. The telecom giant was accused under the US Foreign Corrupt Practices Act (FCPA) of paying more than $114m to a “relative” of Uzbek president over the past decade in order to obtain mobile phone licenses and frequencies.

The justice department also explained that it had moved to seize $850m in Swiss and other European accounts controlled by the “relative”. This money has reportedly come from bribes paid by VimpelCom, its subsidiary Unitel and other companies operating in Uzbekistan. However, the identity of the relative involved in the case is not disclosed. It is known that Uzbek president’s eldest daughter was placed under house arrest 2 years ago while being investigated for corruption.

The $835m settlement will consist of about $170m paid to the US Securities and Exchange Commission, $230m paid to the department of justice, and $400m to the Dutch public prosecution service, among other payments. The SEC’s enforcement division claimed that the telecom company earned massive revenues in Uzbekistan after entering the market thanks to bribes. It should be noted that VimpelCom is the world’s 6 largest telecommunications company, and its shares are traded on the New York NASDAQ exchange.

According to the US officials, their investigation was conducted in numerous countries, including Latvia, Norway, Switzerland, the Netherlands, as well as the Cayman Islands and British Virgin Islands, which are known for their banking secrecy and safe heavens for money laundering. The representative of the
Attorney General pointed out that the case combined a landmark FCPA resolution for corporate bribery with one of the largest forfeiture actions that has ever been brought to recover bribe proceeds from a corrupt government official. Moreover, the US authorities said that $835m is the smallest fine the company could get, thanks to its cooperation in the investigation and acknowledging criminal responsibility.

Posted by: 
SaM

Date:  Saturday, February 20th, 2016



Comments (4) (please add your comment »)

1
posted by (2016-02-21 02:01:04)
No avatarSo...let me get this straight...company A pays bribes to get business...gets caught and then pays bribes to governments to get off...okay...got it.

2
posted by (2016-02-21 08:36:40)
No avatarWhy should an European registered company pay fine to America when it committed crimes in EU nations? Where did that balance of $35 million go?

3
posted by (2016-02-22 03:19:39)
Solcis avatarFlyingScot: it gets worse. The governments that were part of the shakedown were not harmed in any way and have nothing to do with the country where VimpelCom wanted to operate. Sick, sick, sick, sick, sick!!!!

4
posted by (2016-02-24 06:55:39)
No avatarFlyingScot: lol!! I laughed out loud when I read that.



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