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8 March, 2019 00:00 00 AM
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Russia telecoms giant MTS to pay $850m in US corruption case

AFP, Moscow

Russia's leading telecoms firm said yesterday it had agreed to pay $850 million to settle a US corruption case over huge bribes paid to the family of Uzbekistan's former president. The case shed light on massive corruption in Uzbekistan under former president Islam Karimov, who ruled the ex-Soviet republic from 1990 until his death in 2016.

MTS, based in Moscow and listed on the New York Stock Exchange, said the settlement had been agreed with the US Justice Department and the US Securities and Exchange Commission (SEC).

The deals "mark the closure of the investigations into the company's acquisition and operation of its former subsidiary in Uzbekistan," MTS said in a statement.

In agreeing to the fine "MTS affirmed its commitment" to complying with anti-corruption legislation, it said. MTS was in a long-running dispute with the Uzbek authorities, which seized the company's local subsidiary in 2012 after cancelling its operating licenses for alleged tax evasion.

The Uzbek subsidiary, which had 9.5 million subscribers by the end of 2011, filed for bankruptcy in 2013.

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Editor : M. Shamsur Rahman

Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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