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VimpelCom close to US settlement of Uzbek case - report

2015-11-26 09:01:00| Telecompaper Headlines

(Telecompaper) VimpelCom is in talks to pay about USD 775 million to settle US allegations it paid bribes in Uzbekistan to win business, three people familiar with the matter told Bloomberg. The resolution with the Justice Department and the Securities and Exchange Commission could be announced in January, the report said. Vimpelcom took a charge of USD 900 million in the third quarter to cover any eventual costs from the Uzbekistan investigation, which is also underway in Sweden, Switzerland and the Netherlands. The Justice Department, in a civil forfeiture complaint filed earlier this year in New York, alleged VimpelCom, which is traded on the Nasdaq exchange, and a rival company made more than USD 500 million in corrupt payments in order to obtain a licence in Uzbekistan. No company or person has been publicly charged as part of the US and European investigations. A spokesman for VimpelCom declined to comment on the potential settlement. 

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